Looking for a serious bull vs bear discussion on IREN (AI infrastructure/data center thesis)

I have been researching IREN Limited (IREN) recently and I’m interested in hearing different perspectives from the community before potentially building a position.
My understanding of the bull case:
The company is transitioning from mainly Bitcoin mining toward AI/HPC data centers.
AI infrastructure demand continues to grow and power/data center capacity could become a major bottleneck.
They have existing energy infrastructure that could potentially be valuable if execution is successful.
However, I also understand there are risks:
Execution risk moving from Bitcoin mining into AI infrastructure.
Competition from larger players.
Future capex requirements and possible dilution.
Valuation already pricing in a lot of future growth.
For people who have analyzed the company:
Do you think IREN has a real competitive advantage in AI infrastructure, or is the market overestimating the pivot?
How do you view their financial position and ability to fund growth?
What metrics would you watch over the next few earnings reports to confirm or reject the thesis?
What is the strongest bear case against the company?
Not looking for price predictions mostly interested in understanding the business, risks, and long term opportunity.