Watching IREN (Iris Energy); Traders Circulate Article Titled 'How This Aussie Bitcoin Miner Is Cashing In On The Nvidia AI Boom' - Financial Review
Portfolio Pulse from Benzinga Newsdesk
Shares in US-listed, Australian-born bitcoin miner Iren (formerly Iris Energy) are rallying due to its ability to source cheap green power to run Nvidia's AI chips in its data centers. The Nasdaq-listed company has seen a significant rise in its stock price this year.
June 17, 2024 | 2:01 pm
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Iren (formerly Iris Energy) shares are rallying due to its ability to source cheap green power to run Nvidia's AI chips in its data centers. The stock has surged 94% this year and 172% in the past two months.
The significant rise in Iren's stock price is attributed to its strategic use of cheap green power to run Nvidia's AI chips, which is a key factor in the current AI boom. This positions Iren favorably in the market, leading to a positive short-term impact on its stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100