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Key News Facts
Iren Limited (NASDAQ: IREN) reported a staggering 355% year-over-year increase in revenue during its fiscal 2026 first-quarter update, and recently secured a $9.7 billion contract with Microsoft. As of 11:10 a.m. ET, Iren’s shares rose 12.7% following positive earnings from Nvidia, easing investor fears about a slowdown in AI spending.
After experiencing a 678% increase earlier this year, Iren’s stock has faced volatility and is currently over 30% below recent highs. The demand for AI infrastructure remains strong, with Nvidia’s CEO stating that “compute demand keeps accelerating,” indicating ongoing growth potential for companies like Iren.
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