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The Cantor report on $IREN is indicative of the ridiculous assumptions that the sell-side is using to justify its price targets. Here, Cantor assumes a $2.9B increase in PP&E from FY 2025 just ended, to FY 2027. Average PP&E also increases $2.9B. https://t.co/WoiXoixaor (2)Yet annual depreciation only increases by $330M over the two years(from $181M to $511M),or almost 9-yr life! As the increase in PP&E is almost all GPU’s,this is ridiculous. 5-yr life on the increased spend and a 21% tax rate would cut his FY2027 EPS estimate over 40% to $1.80! https://t.co/hbYKRwiBz7 (3) Also note that he is assuming marginal 80% EBITDA margins on the AI data center business. Yet no one is doing much over 50% EBITDA margins (see $CRWV for example) right now. Lots of Hopium at work in this space right now. But one reality is the capital intensity needed.