Forget Nvidia: This Infrastructure Upstart Is The Real Backdoor AI Winner

Forget Nvidia: This Infrastructure Upstart Is The Real Backdoor AI Winner argues that Nvidia, while central to the AI market, may be too large for investors seeking outsized gains. Nvidia, the world’s largest data-center GPU producer, already has a market cap cited at $4.7 trillion and powers many top AI firms training large language models. The article points to IREN (NASDAQ: IREN) as an Australian “AI infrastructure” challenger that rebranded from Iris Energy, a Bitcoin miner using renewable energy. It says IREN began buying Nvidia’s H100 and H200 GPUs and, in 2025, shifted capital, logistics, and power expansion toward AI and high-performance computing data centers rather than Bitcoin mining. Last November, it secured a 5-year, $9.7 billion AI cloud contract with Microsoft, and in May signed a $3.4 billion AI cloud services deal with Nvidia. Analysts expect revenue to rise from $510 million in fiscal 2025 to $6.44 billion by fiscal 2028, alongside EBITDA growth to $4.89 billion.