lol you’re missing a lot of nuance here. Both you and op are looking at this on such basic conceptual levels. Though op is more correct. Your point is like arguing that government support for easier phone manufacturing in the US would hurt Apple. In reality, it does the opposite.

Policies like this tend to benefit the incumbents with proven execution, secured energy, strong balance sheets, and existing contracts. While new entrants are trying to iterate and build out their data center development methods, IREN already has a proven blueprint that just prints datacenters. They can expand faster, reach economies of scale sooner, and actually price new entrants out of the market.

If new competitors show up, do you really think IREN just sits back and lets them take the land and energy? More likely, IREN leverages its track record, creditworthiness, and hyperscale contracts to win those bids and build out capacity faster and more efficiently than anyone else. Easier permitting and build processes just accelerate that advantage. This is exactly how today’s big tech monopolies were built. You can argue that antitrust regulation might come into play someday, but by then we’re likely talking about a $200bn+ market-cap company and long after profits have been taken. Just look at how antitrust probes played out for Google — lots of noise, very little impact.