IREN (IREN) Touches Fresh Peak on AI Deals

We recently published 10 Stocks Investors Are Gobbling Up. IREN Ltd. (NASDAQ:IREN) is one of the top performers on Monday.

IREN Ltd. soared to a new all-time high on Monday, as investor funds poured into artificial intelligence stocks following aggressive dealmaking activities in the industry.

In intra-day trading, IREN Ltd. (NASDAQ:IREN) hit a new record high of $58.28 before trimming gains to finish the day just up by 14.45 percent at $57.75 apiece, supported by OpenAI’s newly clinched supply deal with Advanced Micro Devices Inc. (AMD).

In a statement, AMD said it entered into a definitive agreement with OpenAI to supply the latter with 6 gigawatts of Instinct GPUs to enable an ambitious AI buildout and advance the entire ecosystem. The first GW is expected to be deployed in the second half of 2026.

As a pioneer in the AI industry, OpenAI’s ongoing expansion program bolstered optimism for companies riding the wave, including IREN Ltd. (NASDAQ:IREN), a Bitcoin miner slowly transitioning to AI servicing through expanding its cloud business to support demand growth in high-performance computing (HPC) services.

Amid the developments, IREN Ltd. (NASDAQ:IREN) earned an “overweight” rating and a $75 price target from investment firm Bernstein—a 275 percent increase from its previous target of $20.

The upgrade was based on IREN Ltd.’s (NASDAQ:IREN) differentiated approach among Bitcoin miners, underscoring the development of its own AI infrastructure, while competitors pursue capital-light co-location deals with AI cloud companies.

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.