IREN Stock's 50% Spike Powered By Nvidia GPUs
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IREN Ltd (NASDAQ:IREN) stock surged over 50% since late September following a significant purchase of 12,400 NVIDIA GPUs for $674 million, doubling its AI cloud capacity. By early October, IREN secured contracts for 11,000 GPUs, projecting $225 million in annual recurring revenue (ARR) and targeting $500 million in ARR by Q1 2026. The stock climbed from $42 to a high of $70.05 before a slight pullback, reflecting strong investor confidence in IREN's position in AI infrastructure.
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