Why Iris Energy Shares Are Climbing Wednesday
Portfolio Pulse from Nabaparna Bhattacharya
Iris Energy Limited (NASDAQ:IREN) shares surged 14.6% after announcing the purchase of 568 GPUs to expand its AI cloud services, now totaling 816 NVIDIA H100 GPUs. The expansion is in response to increasing demand for AI cloud services, with delivery of the new GPUs expected in Q2 2024. Financing efforts are ongoing to support growth, and a recent cloud service agreement with Poolside AI SAS for 248 GPUs was highlighted. IREN's Q2 results are due tomorrow.
February 14, 2024 | 5:59 pm
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POSITIVE IMPACT
Iris Energy's stock surged 14.6% following the announcement of its AI cloud services expansion with additional NVIDIA GPUs.
The significant stock price increase reflects positive investor sentiment towards Iris Energy's expansion in AI cloud services and the potential for future growth, especially with the upcoming Q2 results.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
NVIDIA Corporation may see increased demand for its H100 GPUs following Iris Energy's expansion of its AI cloud services.
Iris Energy's purchase of additional NVIDIA H100 GPUs for its AI cloud services expansion could signal increased demand for NVIDIA's products, potentially positively impacting NVDA's stock in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75