Here’s What IREN Ltd.’s (IREN) Mirantis Acquisition Means For Investors

IREN Ltd (NASDAQ:IREN) is one of the 7 Best Data Center GPU-as-a-Service Stocks To Buy. On May 5, IREN Ltd (NASDAQ:IREN) agreed to acquire Mirantis, a cloud infrastructure and Kubernetes-based orchestration services provider with enterprise support services. The deal was valued at about $625 million. With this acquisition, the company has expanded its portfolio in the AI market, strengthening its capabilities to deploy AI workloads. IREN can now track how well their systems are working to ensure high performance. Moreover, this will help the company in managing customer environments, add technical support, and expand its reach across enterprise and AI native clients.

IREN Ltd (NASDAQ:IREN) is one of the 7 Best Data Center GPU-as-a-Service Stocks To Buy.

Photo from IREN website

As AI competition intensifies, IREN Ltd (NASDAQ:IREN) is shifting its focus to become a major AI cloud provider, delivering large-scale data centers and high-performance GPUs necessary for training and running AI models. Moreover, the company said its plan to expand to 480 megawatts is on track. Meanwhile, Q3 revenue missed the Wall Street consensus as the price of bitcoin declined.

IREN Ltd (NASDAQ:IREN) operates in the data center business. The company owns and runs computing hardware, power systems, and data centers. It also mines Bitcoin by operating a peer-to-peer network of computers running Bitcoin software. The company was incorporated in 2018 and is based in Sydney, Australia.

While we acknowledge the risk and potential of IREN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than IREN and that has 10,000% upside potential, check out our report about the cheapest AI stock.

READ NEXT: 9 Stocks Big Short’s Michael Burry Is Betting On and 10 Best Stocks to Buy Before SpaceX IPO.

Disclosure: None. Follow Insider Monkey on Google News.

1281292 - 11759070 - 1