Iris Energy Shares Surge on AI Cloud Services Expansion

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

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