Company Interview / Leigh backs IREN as AI demand soars on Nasdaq

Key points:

- Increased focus on gold and bitcoin amid global debt concerns

- IREN (Nasdaq: IREN) cited as a standout in AI and Bitcoin mining infrastructure

- Importance of backbone energy and compute infrastructure for AI development underscored

- Opportunities identified among ASX-listed infrastructure companies supporting the AI sector

Leigh Gant from Unio Growth Partners shares views on the growing prominence of the "debasement trade," particularly as concerns rise around declining purchasing power and government debt levels. Gant notes that investments in both bitcoin and gold have naturally increased in portfolio weighting due to significant revaluations over recent years. Financial institutions such as JP Morgan are seen recommending similar approaches, reflecting increased visibility of the theme in financial media. Gant refers to thought leaders like Lyn Alden and Ray Dalio, highlighting that policy now appears debt-driven, with interest rates held below inflation. As a result, gold prices have surged towards US$4,000 an ounce, and silver continues to rally, while bitcoin recently reached all-time highs.

Gant turns attention to IREN (Nasdaq: IREN), described as an Australian-founded business that initially focused on cleaning up Bitcoin mining. The company has rapidly shifted towards deploying its renewable-powered data centres to meet demand for computational infrastructure needed by major AI players such as OpenAI, Microsoft, and Meta. Gant sees this pivot as critical, positioning IREN to benefit from not just cryptocurrency mining but also the growing AI sector.

For longer-term investors, Gant favours "pick and shovel" businesses that supply critical infrastructure to the AI market, suggesting opportunities als exist among ASX-listed electrical and grid infrastructure construction firms.