The sentiment for IREN is highly bullish, with the author maintaining a "100% diversity" portfolio position as the stock surpassed the $40 and $50 technical resistance levels. The investment thesis is driven by upcoming earnings on May 7, a target of $3.7B ARR, and the deployment of 150,000 GPUs at the Sweetwater and Childress sites. Additionally, the author highlights unusual option buying and speculates on a potential new deal following a previous partnership announcement with MSFT.