10 Stocks With Eye-Popping Gains — 1 Surges 3,000%

5. IREN Ltd. (NASDAQ:IREN)

IREN Ltd. rallied for a third consecutive day on Tuesday to reach a new all-time high, with the jump attributed to renewed investor optimism for the overall artificial intelligence industry.

During the trading session, IREN Ltd. (NASDAQ:IREN) jumped to as high as $30.5 before trimming gains to end the day up by 15.27 percent at $30.19 apiece.

The company rose alongside its counterparts, namely TeraWulf Inc., Riot Platforms, Hut 8 Corp., and Cipher Mining, after Nebius Group—previously focused on Bitcoin mining—announced on the same day that it bagged an $18 billion cloud computing deal with Microsoft Corp.

The announcement alleviated fears of an AI bubble, with more technology giants ramping up investments in the sector.

Separately, 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.

However, Bitcoin mining remained IREN Ltd.’s (NASDAQ:IREN) largest revenue contributor, with the segment generating $76.7 million in revenues from 668 Bitcoins mined last month. However, the figure was 8 percent lower than the $83.6 million revenue in July from the 728 Bitcoins mined during the period.