IREN Stock Surges Thursday: What's Driving The Action?

Shares of IREN Limited (NASDAQ:IREN) are trading higher Thursday, capitalizing on a broader technology rally ignited by Nvidia's record-breaking third-quarter results. Nvidia’s reported $57 billion in revenue and bullish guidance have reinforced investor confidence in the AI ecosystem, directly benefiting infrastructure partners like IREN.

• IREN is charging ahead with explosive momentum. Get the inside scoop here.

What To Know: IREN has positioned itself as a critical player in this supply chain. The company recently secured a massive $9.7 billion, five-year AI cloud services agreement with Microsoft, which involves deploying Nvidia's advanced GB300 GPUs across IREN's 750MW campus in Texas. To support this expansion, IREN also locked in a $5.8 billion hardware agreement with Dell Technologies.

The rally is further supported by IREN's strong fundamental performance. The company recently reported fiscal first-quarter earnings per share of $1.08, beating consensus estimates of 14 cents, alongside revenue of $240.29 million.

With Nvidia CEO Jensen Huang declaring that “AI is going everywhere,” IREN's pivot to high-performance AI computing, paired with analyst price targets reaching as high as $136 suggest the company is well-positioned to ride the sector’s momentum.

Benzinga Edge Rankings: Underscoring this intense market interest, Benzinga Edge rankings currently assign the stock a near-perfect Momentum score of 99.24.

IREN Price Action: IREN shares were up 5.24% at $48.22 at the time of publication on Thursday, according to Benzinga Pro data.

Read Also: Nvidia’s $57 Billion Quarter Sends A Message: The AI Race Is Now A One-Horse Race

How To Buy IREN 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 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.

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