IREN Ltd. (IREN) Hits Fresh High as Analyst Turns Bullish

We recently published All-Time High Fever: 10 Stocks Soaring and Breaking Records. IREN Ltd. (NASDAQ:IREN) is one of the best performers in last week’s trading.

Shares of IREN Ltd. jumped by 9.36 percent to hit a new all-time high as investors took path from an analyst’s bullish coverage for its stock.

During the session, IREN Ltd. (NASDAQ:IREN) soared to its highest price of $37.23 before trimming gains to end the day just up by 9.36 percent at $37.14 apiece.

IREN Ltd. (IREN) Hits Fresh High as Analyst Turns Bullish

This followed investment firm Compass Point’s “buy” recommendation for its stock, underscoring strong optimism.

In other developments, IREN Ltd. (NASDAQ:IREN) has been riding the growing artificial intelligence wave amid expectations for huge demand in high-performance computing (HPC) services.

Earlier this month, IREN Ltd. (NASDAQ:IREN) said it expanded its Nvidia GPUs to 10,900 to support its AI Cloud business as it continues to transition into AI servicing.

In August alone, the company raked in $2.4 million in revenues from AI Cloud alone, higher by 4.3 percent than the $2.3 million registered in the month earlier.

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.

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Disclosure: None. This article is originally published at Insider Monkey.