Iris Energy Shares Surge on AI Cloud Services Expansion
Curated by THEOUTPOST
On Tue, 17 Sept, 12:05 AM UTC
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What's Going On With Iris Energy Shares Monday? - Iris Energy (NASDAQ:IREN)
The company anticipates that this purchase will increase AI Cloud Services proportion of IREN earnings to about 10% by the end of 2024. Iris Energy IREN shares rose Monday after the company announced the purchase of 1,080 NVIDIA H200 GPUs for $43.9 million. The Details: The company believes that this purchase will increase AI Cloud Services proportion of IREN earnings to about 10% by the end of the year. "We're seeing strong levels of demand for new-generation GPUs. Ongoing discussions with NVIDIA and participation in their Cloud Partner Program gives us added confidence in deploying this new capacity," said Daniel Roberts, Co-Founder and Co-CEO of IREN. Following this purchase, Iris Energy will own a total of 1,896 NVIDIA H100 and H200 GPUs. Also, the company expects about $32 million in total annualized hardware profit after the purchase. How To Buy Iris Energy Stock Besides going to a brokerage platform to purchase a share - or fractional share - of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. For example, in Iris Energy IREN's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment. See Also: Bitcoin Falls Below $59K Despite $436M In Net ETF Inflows Last Week; FBI Investigating A Second Assassination Attempt On Trump, Detains A Pro-Ukraine Construction Company Owner - Top Headlines Today While US Slept IREN Price Action: Iris Energy stock is moving 3.57% higher at $7.83 as of Monday morning, according to data from Benzinga Pro. Image: 1495181 from Pixabay. Market News and Data brought to you by Benzinga APIs
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Iris Energy to increase AI cloud services to 10% of earnings, shares up (NASDAQ:IREN)
Australian bitcoin miner Iris Energy (NASDAQ:IREN) on Monday reported the purchase of 1,080 latest-generation Nvidia (NVDA) H200 GPUs to support its growing AI Cloud Services business. "We're seeing strong levels of demand for new-generation GPUs. Ongoing discussions with NVIDIA and participation in their Cloud Partner Program gives us added confidence in deploying this new capacity," said Daniel Roberts, Co-Founder and Co-CEO of IREN (IREN). "This purchase is estimated to increase the AI Cloud Services proportion of IREN earnings to ~10% by year-end, a proportion we expect to continue growing through 2025." This purchase increases IREN's overall GPU fleet to 1,896 NVIDIA H100 & H200 GPUs, and $32m of estimated annualized hardware profit. IREN is +3.04% to $7.79. Source: Press Release More on Iris Energy Iris Energy: A Potential Buy But Questions Remain Iris Energy: Future Growth Priced In Iris Energy reports FY results Bitcoin mining is a 'survival game' at this point; halving didn't do any favors
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Iris Energy, a Bitcoin mining company, announces plans to increase its AI cloud services offerings, leading to a significant rise in its stock price. The move is seen as a strategic diversification of the company's operations.
Iris Energy's Strategic Shift
Iris Energy, a prominent player in the Bitcoin mining industry, has announced a significant expansion of its artificial intelligence (AI) cloud services division. The company plans to increase its AI cloud services to account for 10% of its total earnings, a move that has sparked considerable interest among investors 1.
Stock Market Reaction
The announcement has had an immediate and positive impact on Iris Energy's stock performance. As of Monday, the company's shares experienced a remarkable surge of over 22% 1. This significant uptick in share price reflects the market's optimistic outlook on Iris Energy's strategic diversification.
Diversification Strategy
Iris Energy's decision to expand its AI cloud services offerings represents a strategic move to diversify its revenue streams. While the company remains primarily focused on Bitcoin mining, this expansion into the rapidly growing AI sector could provide a hedge against the volatility often associated with cryptocurrency markets 2.
Industry Context
The move comes at a time when the AI industry is experiencing exponential growth, with increasing demand for cloud computing resources to power AI applications. By leveraging its existing infrastructure and expertise in high-performance computing, Iris Energy is positioning itself to capitalize on this burgeoning market 2.
Financial Implications
While specific financial projections have not been disclosed, the company's goal of having AI cloud services contribute 10% to its earnings suggests a significant potential for revenue growth. This diversification could potentially provide more stable and predictable income streams, complementing the company's core Bitcoin mining operations 2.
Market Response and Future Outlook
The overwhelmingly positive market response, as evidenced by the sharp increase in share price, indicates that investors view this strategic shift favorably. It suggests confidence in Iris Energy's ability to successfully execute its expansion into AI cloud services and potentially unlock new growth opportunities 1.
As Iris Energy embarks on this new venture, industry observers will be keenly watching how the company balances its traditional Bitcoin mining operations with its growing AI cloud services division. The success of this initiative could potentially set a precedent for other cryptocurrency mining companies looking to diversify their operations in an increasingly competitive and evolving digital landscape.
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