IREN (IREN) Surges on Transition to AI Service

We recently published 10 Big Names With Surprising Gains. IREN Ltd. (NASDAQ:IREN) is one of the top performers of Monday.

IREN Ltd. grew for a second day on Monday, jumping as high as 9.10 percent and closing at $23.12 apiece as investor sentiment was boosted by its gradual transition to Artificial Intelligence following the procurement of $295 million Blackwell chips from Nvidia Corp.

In a statement, IREN Ltd. (NASDAQ:IREN) said it purchased 4,200 additional Blackwell B200 GPUs from Nvidia for $193 million, effectively doubling its total GPU fleet to 8,500.

IREN (IREN) Surges on Transition to AI Service

This was on top of another $102 million worth of Blackwell B200 and B300 GPUs, which were structured as a 36-month lease with a “high single digit” interest rate.

“Our expanded Blackwell capacity positions IREN to capture strong demand and drive the next phase of our AI Cloud revenue growth. Utilizing competitively priced, non-dilutive capital further strengthens the value proposition in scaling our AI Cloud business,” said IREN Ltd. (NASDAQ:IREN) co-founder and co-CEO Daniel Roberts.

In other news, IREN Ltd. (NASDAQ:IREN) is set to announce the results of its second quarter earnings performance after market close on Thursday, August 28. An investor call will occur on the same day to elaborate on the results.

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 this cheapest AI stock.