Duncan (@FloodCapital) is expressing confidence in a long position on Galaxy Digital Holdings Ltd. ($GLXY) and a short position on Iris Energy Ltd. ($IREN). This sentiment is driven by a critical analysis from @RHouseResearch, which highlights significant concerns about IREN's business model, particularly its ability to scale GPU operations, the quality and stability of its AI compute revenue compared to established cloud providers, and its track record of delivering on AI-related targets. The analysis suggests that IREN's forward ARR guidance may be overly optimistic given declining rates for older GPUs and operational challenges in running large GPU clusters.