IREN Ltd. (NASDAQ:IREN) is one of the 10 Stocks Making Huge Moves Today.
IREN climbed by 10.13 percent on Wednesday to finish at $41.98 apiece, as investor optimism was fueled by Nvidia Corp.’s ramped up investments in data center companies, strengthening its confidence for the artificial intelligence sector.
In an announcement on the same day, Nvidia said that it invested $2 billion in Nebius Group and inked a deal with the latter for the development and deployment of next generation of hyperscale cloud for the AI market, deepening relationship across the full AI technology stack, from AI factory architecture to production software.
Photo from IREN website
Sitting at the center of the rapidly growing AI industry, investors have long been watching Nvidia’s investments as it often signals which companies could become important in the AI boom.
For IREN Ltd. (NASDAQ:IREN), on the other hand, Nvidia’s investment in the industry opens further room for business growth, as it gradually transitions to AI servicing from purely Bitcoin mining.
In other news, IREN Ltd. (NASDAQ:IREN) earlier announced targets of $3.7 billion in annualized run-rate revenues by the end of the year, to be supported by its successful expansion of Nvidia B300 GPU fleet to a total of 150,000 units, with the recent purchase of 50,000 earlier this month.
The additional GPUs are targeted to be deployed in phases across its existing data centers in Mackenzie, British Columbia, and Childress, Texas through the second half of the year.
While we acknowledge the potential of IREN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. Follow Insider Monkey on Google News.
