This AI bull market has somehow been choked by the power meter.
In the US, 14 states are figuring out how to restrict new data center construction. New York went straight to a one-year moratorium, requiring projects over 25 megawatts to pay upfront to upgrade the grid. In the second quarter alone, local opposition to grid expansion held up $68 billion worth of projects. A post on the Square says 76% of voters oppose building data centers near their homes.
On one side are newcomers who want to build but can’t. On the other are incumbents who already have power, land, and permits. US stocks got crushed Thursday: the Nasdaq fell 5.5%, the semiconductor index dropped 12%, Nvidia fell 9%, and AMD slid 17%. Then on Friday, IREN surged 20%: the page shows it closed at $21.64, up from $18.03 just three days earlier, on volume of 112 million shares—more than twice the usual level. Right after its earnings report touted growth in its AI business, the market voted with its money: if you’ve got power, you’re king.
And BTC? It was still grinding around $75,900 this morning, basically unchanged over 24 hours. One’s riding the AI wave, the other’s left watching from the sidelines. That stings a bit.
My take: this move in IREN is an event-driven rebound, not a trend reversal. The short-term outlook is choppy but tilted upward—just don’t chase it. A 20% gain in one day means anyone buying in now is giving Friday’s dip-buyers someone to sell to. What really matters is whether state moratoriums have teeth or are just talk, and whether the permitting process actually loosens up.
What would make me admit I’m wrong? If IREN falls back below $18, or US stocks take another beating like Thursday’s and the AI narrative keeps cooling, then this “those with power win it all” story is on hold. I’ll own it.
Which side are you on? Will this wall blocking AI expansion lift up the old mining sites and other players with power—or drag them down too?
In the US, 14 states are figuring out how to restrict new data center construction. New York went straight to a one-year moratorium, requiring projects over 25 megawatts to pay upfront to upgrade the grid. In the second quarter alone, local opposition to grid expansion held up $68 billion worth of projects. A post on the Square says 76% of voters oppose building data centers near their homes.
On one side are newcomers who want to build but can’t. On the other are incumbents who already have power, land, and permits. US stocks got crushed Thursday: the Nasdaq fell 5.5%, the semiconductor index dropped 12%, Nvidia fell 9%, and AMD slid 17%. Then on Friday, IREN surged 20%: the page shows it closed at $21.64, up from $18.03 just three days earlier, on volume of 112 million shares—more than twice the usual level. Right after its earnings report touted growth in its AI business, the market voted with its money: if you’ve got power, you’re king.
And BTC? It was still grinding around $75,900 this morning, basically unchanged over 24 hours. One’s riding the AI wave, the other’s left watching from the sidelines. That stings a bit.
My take: this move in IREN is an event-driven rebound, not a trend reversal. The short-term outlook is choppy but tilted upward—just don’t chase it. A 20% gain in one day means anyone buying in now is giving Friday’s dip-buyers someone to sell to. What really matters is whether state moratoriums have teeth or are just talk, and whether the permitting process actually loosens up.
What would make me admit I’m wrong? If IREN falls back below $18, or US stocks take another beating like Thursday’s and the AI narrative keeps cooling, then this “those with power win it all” story is on hold. I’ll own it.
Which side are you on? Will this wall blocking AI expansion lift up the old mining sites and other players with power—or drag them down too?
