IREN Ltd. (IREN) Jumps to New High Anew on Joining Nvidia Preferred Partners

We recently published 10 Power Stocks Crushing Wall Street — 7 at All-Time Highs. IREN Ltd. (NASDAQ:IREN) is one of the best performers on Tuesday.

IREN Ltd. soared to a new record high for the third consecutive day, as investors continued to load up positions after joining Nvidia Corp.’s preferred partners list.

In intra-day trading, IREN Ltd. (NASDAQ:IREN) soared to its highest 52-week record of $29.85 before paring gains to end the day just up by 9.93 percent at $29.11 apiece.

Last week, IREN Ltd. (NASDAQ:IREN) said it was recently named a Preferred Partner by technology giant Nvidia Corp., marking a vote of confidence among investors.

Becoming part of the list could lead to the company’s greater growth visibility and higher credibility, especially with Nvidia Corp. touted as the key enabler of the booming artificial intelligence.

In other news, IREN Ltd. (NASDAQ:IREN) announced a stellar earnings performance in the second quarter of the year, having swung to a net income of $86.9 million in the full fiscal period of 2025, a reversal from the $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.

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.

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