IREN Ltd. (IREN) Hits New Record High on Stellar Performance

We recently published 10 Stocks With Double-Digit to 100% Upside in Just a Week. IREN Limited (NASDAQ:IREN) is one of the worst performers on Friday.

Shares of IREN Ltd. increased by 23.56 percent week-on-week, to touch a new all-time high, as investors cheered its stellar earnings performance and addition to Nvidia Corp.’s list of preferred partners.

On Friday alone, IREN Limited (NASDAQ:IREN) soared to a new 52-week high of $29.5, or 28 percent higher than its previous close, before trimming gains to end the day just up by 14.93 percent at $26.48 apiece.

This followed its swing to profitability, recording $86.9 million in the full fiscal period of 2025, reversing a $28.9 million net loss a year earlier.

Total revenues expanded by 167.6 percent to $501 million from $187.2 million year-on-year, with Bitcoin mining contributing the largest chunk, at $484.6 million, or 163 percent higher than the $184.1 million a year ago.

Revenues from AI cloud services, on the other hand, surged by 429 percent to $16.4 million from $3.1 million in the same comparable period.

In another development, IREN Limited (NASDAQ:IREN) said it secured a Preferred Partner status from Nvidia Corp. following the procurement of 1,200 air-cooled B300 chips and 1,200 GB300s for approximately $168 million. This effectively expanded its GPU fleet to 10,900 NVIDIA GPUs.

While we acknowledge the potential of IREN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.