AI Frenzy: 10 Stocks Crushing the Market, 6 Climb to Fresh Highs

7. IREN Ltd. (NASDAQ:IREN)

IREN Ltd. extended its winning streak to a fourth consecutive day on Wednesday to reach another all-time high as investors took path from an investment firm’s price target upgrade, alongside continued optimism for the artificial intelligence sector.

During the session, IREN Ltd. (NASDAQ:IREN) climbed to its fresh 52-week peak of $33.64 before ending the day just 1 cent lower. Still, the stock was up by 11.39 percent.

In a market report, capital markets firm BTIG raised its price target for IREN Ltd. (NASDAQ:IREN) to $32 from $22 previously, while maintaining a “buy” recommendation for the stock.

The upgrade followed optimism from the company’s move to expand its GPU portfolio in July with the acquisition of 9,000 Nvidia GPUs, which brought its total ownership to 10,900 units. The expansion represented a fivefold increase from only 2,000 GPUs deployed in early 2024.

While focused on Bitcoin mining, IREN Ltd. (NASDAQ:IREN) is also expanding its AI business through the expansion of digital infrastructure to support the sector’s needs.

In August alone, IREN Ltd. (NASDAQ:IREN) announced earlier this week that revenues from its AI cloud business grew by 4.34 percent to $2.4 million last month from $2.3 million in July.