IREN Ltd. (IREN) Touches New High, Rides Digital Infra Boom

We recently published 10 Stocks With Eye-Popping Gains — 1 Surges 3,000%. IREN Ltd. (NASDAQ:IREN) is one of the top performers on Tuesday.

IREN Ltd. rallied for a third consecutive day on Tuesday to reach a new all-time high, with the jump attributed to renewed investor optimism for the overall artificial intelligence industry.

During the trading session, IREN Ltd. (NASDAQ:IREN) jumped to as high as $30.5 before trimming gains to end the day up by 15.27 percent at $30.19 apiece.

The company rose alongside its counterparts, namely TeraWulf Inc., Riot Platforms, Hut 8 Corp., and Cipher Mining, after Nebius Group—previously focused on Bitcoin mining—announced on the same day that it bagged an $18 billion cloud computing deal with Microsoft Corp.

The announcement alleviated fears of an AI bubble, with more technology giants ramping up investments in the sector.

Separately, IREN Ltd. (NASDAQ:IREN) announced earlier this week that revenues from its AI cloud business grew by 4.34 percent to $2.4 million last month from $2.3 million in July.

However, Bitcoin mining remained IREN Ltd.’s (NASDAQ:IREN) largest revenue contributor, with the segment generating $76.7 million in revenues from 668 Bitcoins mined last month. However, the figure was 8 percent lower than the $83.6 million revenue in July from the 728 Bitcoins mined during the 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.