IREN Ltd. (IREN) Jumps 12.6% on Renewed AI Frenzy, Upcoming Earnings

We recently published 10 Stocks Beating Wall Street’s Bets. IREN Ltd. (NASDAQ:IREN) is one of the best performers on Friday.

IREN saw its share prices surge by 12.60 percent on Friday to close at $62.90 apiece as investor funds poured into stocks riding the artificial intelligence (AI) wave after getting a boost from Oracle Corp.’s massive $38 billion expansion program.

The stock rallied alongside its Bitcoin mining and high-performance computing (HPC) peers, as Oracle’s announcement allayed fears of an AI bubble and strengthened optimism that infrastructure demand for next-generation AI will continue to be sustainable.

IREN Ltd. (IREN) Jumps 12.6% on Renewed AI Frenzy, Upcoming Earnings

In other developments, investors loaded up shares in IREN Ltd. (NASDAQ:IREN) ahead of the release of its earnings performance for the first quarter of fiscal year 2026 after market close on Thursday, November 6, 2025.

Earlier this year, IREN Ltd. (NASDAQ:IREN) signaled plans to transition slowly into AI servicing from purely Bitcoin mining to take advantage of the former’s rapid growth.

Last month, IREN Ltd. (NASDAQ:IREN) successfully deployed 11,000 Nvidia Blackwell GPUs to its existing AI partners, with full operations targeted by the end of the year. Meanwhile, the remaining 12,000 GPUs are on track to be delivered by the end of the first quarter next year and generate $500 million in annualized recurring revenues (ARR) from AI alone.

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.