10 Stocks Investors Are Gobbling Up

7. IREN Ltd. (NASDAQ:IREN)

IREN Ltd. soared to a new all-time high on Monday, as investor funds poured into artificial intelligence stocks following aggressive dealmaking activities in the industry.

In intra-day trading, IREN Ltd. (NASDAQ:IREN) hit a new record high of $58.28 before trimming gains to finish the day just up by 14.45 percent at $57.75 apiece, supported by OpenAI’s newly clinched supply deal with Advanced Micro Devices Inc. (AMD).

In a statement, AMD said it entered into a definitive agreement with OpenAI to supply the latter with 6 gigawatts of Instinct GPUs to enable an ambitious AI buildout and advance the entire ecosystem. The first GW is expected to be deployed in the second half of 2026.

As a pioneer in the AI industry, OpenAI’s ongoing expansion program bolstered optimism for companies riding the wave, including IREN Ltd. (NASDAQ:IREN), a Bitcoin miner slowly transitioning to AI servicing through expanding its cloud business to support demand growth in high-performance computing (HPC) services.

Amid the developments, IREN Ltd. (NASDAQ:IREN) earned an “overweight” rating and a $75 price target from investment firm Bernstein—a 275 percent increase from its previous target of $20.

The upgrade was based on IREN Ltd.’s (NASDAQ:IREN) differentiated approach among Bitcoin miners, underscoring the development of its own AI infrastructure, while competitors pursue capital-light co-location deals with AI cloud companies.