Concerns are raised about Iris Energy ($IREN) due to potential overvaluation and execution risks in its AI pivot, particularly with its ambitious GPU expansion plans and declining Bitcoin mining revenue. The author, who owns $IREN puts as a hedge, suggests rotating out of $IREN into Galaxy Digital ($GLXY), which they are long on, believing $GLXY will outperform. The bear case highlights challenges in $IREN's ability to scale GPU operations and secure stable AI compute contracts compared to established cloud providers.