The provided content ranks three companies by valuation multiple implications, placing Nebius at the top due to its vertically integrated assets and low commodity risk. CoreWeave is assigned a moderate multiple based on its software differentiation, while IREN (Iris Energy) is ranked lowest due to high hyperscaler concentration and commodity capacity risk. The sentiment suggests that being a "hated" asset like IREN may present a contrarian investment opportunity despite its lower valuation ranking.