The analysis discusses IREN stock, highlighting its transition from a Bitcoin mining company to an AI cloud services provider. The key event is a $9.7 billion contract with Microsoft over five years with a 20% prepayment. The deal is expected to generate $1.94 billion in annual recurring revenue, significantly increasing the current $240 million quarterly revenue. The company plans to expand GPU capacity to 140,000 by the end of 2026, targeting $3.4 billion ARR. While the company's recent quarter showed $385 million in net income and $240 million revenue, it mainly comes from Bitcoin mining. This analysis forecasts AI cloud revenue to overtake Bitcoin mining by next year. The presenter notes the average Bitcoin price mined increased, but current prices are lower. Analyst advocates for buying IREN for high-risk, high-reward portfolios, projecting a large gain due to the new Microsoft agreement.