IREN vs Together AI

AMD Stands Out as AI Trade Fractures

As the AI trade shows signs of cracking, with recent selloffs in CoreWeave and IREN and growing concerns about AI infrastructure spending, CNBC's Options Action contributor Michael Khouw identifies Advanced Micro Devices (AMD) as a standout investment opportunity. Despite AMD's 8.1% drop following Meta's financing plans and a supply warning from Lam Research, Khouw's quantitative screen highlights AMD as the only major chipmaker meeting all criteria for outperformance. These criteria include price above the 200-day moving average, revenue and EPS growth exceeding S&P 500 benchmarks, rating upgrades, PEG below 3, and strong ROE/ROIC. Consensus estimates for Q3 2026 project EPS of $1.94 on revenue of $13.06 billion, representing year-over-year growth of 62% and 41% respectively. CEO Lisa Su recently announced plans to substantially increase supply in 2027 to meet surging AI demand. The article also discusses an options strategy—a call spread risk reversal—to manage the high implied volatility around earnings.

• AMD's stock dropped 8.1% due to Meta's financing plans and a supply warning from Lam Research.
• Consensus expects AMD Q3 2026 EPS of $1.94 on revenue of $13.06 billion.
• AMD's year-over-year growth is projected at 62% for EPS and 41% for revenue.

10-K Financial Filing Analysis for IREN (2026-08-27)

IREN Limited filed its Form 10-K for the fiscal year ended June 30, 2026, detailing its strategic transition from Bitcoin mining toward high-density AI Cloud Services and data center infrastructure. The company reported substantial business transformation, holding ~40MW of operational AI Cloud capacity alongside 23.2 EH/s (~380MW) of Bitcoin mining capacity earmarked for substantial decommissioning and reallocation to AI workloads by December 31, 2026. For FY 2026, IREN recorded a net loss of $702.6 million, compared to net income of $86.9 million in FY 2025, driven by intensive capital investments, hardware procurement, and expanding debt obligations. The company closed significant capital initiatives, including $3.6 billion in secured GPU debt financing in May 2026, and entered a strategic collaboration with NVIDIA enabling up to 5GW of DSX-aligned AI infrastructure deployments.

• IREN incurred a consolidated net loss of $702.6 million for the fiscal year ended June 30, 2026, compared to a net income of $86.9 million for the prior fiscal year ended June 30, 2025.
• Total outstanding indebtedness as of June 30, 2026, reached $7,976.0 million (comprising $7,705.6 million in debt and $270.4 million in finance leases), supported in part by a $3.6 billion GPU financing program executed in May 2026.
• The company secured grid-connected power capacity representing approximately 5GW across North America, Europe, and Australia, while operating ~40MW of AI Cloud capacity and targeting completion of its Bitcoin mining phase-out by December 31, 2026.

JPMorgan Double Upgrades IREN Stock on Nvidia Deal

JPMorgan double upgraded IREN, an AI infrastructure and data center company, from underweight to overweight, raising its price target to $65 from $46. Analyst Richard Choe cited IREN's strategic partnership with Nvidia and improved pricing power for neocloud contracts, now valued at $15-$20 per watt compared to previous $10-$15. IREN, formerly a bitcoin miner, plans substantial capex but JPMorgan believes higher-priced contracts will be accretive. The upgrade aligns with consensus as 14 of 17 analysts rate the stock a buy or strong buy.

• JPMorgan upgraded IREN to overweight from underweight, price target $65.
• IREN struck a five-year AI cloud deal with Nvidia valued at over $3 billion in May.
• JPMorgan sees IREN as a top-tier neocloud provider.

Introducing Together Link: Run open models inside the harness you already use

Together AI announces Together Link, a new product that allows running open models within existing harnesses, alongside new research blog posts on ThunderKittens for NVIDIA Vera Rubin NVL72, ThunderAgent, and ICML 2026 participation.

Open or Closed AI: Founders' Choices at TechCrunch Disrupt 2026

The article previews upcoming discussions at TechCrunch Disrupt 2026 (Oct 13-15, San Francisco) on AI model strategy. It highlights how startups increasingly use multiple models—open and proprietary—for different tasks, weighing cost, performance, and flexibility. Sessions feature leaders from Together AI, Pathway, Oumi, Nvidia, and Ricursive Intelligence. Topics include whether to build, customize, or rent AI models, optimizing AI hardware (chip design), and trade-offs between frontier APIs (like OpenAI, Google) and open-weight models. The article emphasizes that model choice shapes product differentiation, infrastructure needs, and long-term business viability. It's a conference promotion with substantive insights on AI architecture decisions.

• TechCrunch Disrupt 2026 takes place Oct 13-15 at Moscone West, San Francisco.
• The conference features 200+ sessions, 250+ speakers, and 300+ exhibiting startups.
• Sessions cover multi-model strategies, custom model development, and AI-designed hardware.

Together AI Product Team Shares AI-Native Workflow Stack

Together AI's product team, including CPO Charles Zedlewski and PMs Necoline Hubner and Pavneet Ahluwalia, outlined their AI-native product development stack in a podcast. The stack comprises four components: a shared context repository accessible by any AI harness, skills for feature research and PRD writing, an orchestrator for leadership, and agent evals. The team emphasizes collective productivity over individual gains, using multiple models like GLM and Kimi instead of relying solely on Anthropic. They validate products through agent-based tests, checking if AI agents can complete tasks using their documentation and API. The article also highlights Together AI's $8.3 billion valuation from its Series C round.

• Together AI is valued at $8.3 billion.
• Together AI's product team uses a four-component AI-native stack: shared context repo, skills, orchestrator, and agent evals.
• The team uses multiple AI models (e.g., GLM, Kimi) rather than only Anthropic's models.