IREN Ltd. (IREN) Rockets to New High on New $15.5-Billion Deals with Microsoft, Dell

We recently published Wall Street Can’t Keep up With These 10 Crushing Stocks; 6 at Fresh Record Highs. IREN Ltd. (NASDAQ:IREN) is one of the best-performing on Monday.

IREN Ltd. soared to a new all-time high anew on Monday after securing $15.5 billion worth of new deals with technology giants Microsoft Corp. and Dell Technologies.

At intra-day trading, the stock climbed to a new 52-week high of $75.73 before trimming gains to finish the day just up by 11.52 percent at $67.75 apiece.

In a statement on Monday, IREN Ltd. (NASDAQ:IREN) said it secured a $9.7 billion five-year GPU cloud services contract with Microsoft, where it would provide the latter access to Nvidia Corp.’s GB300 GPUs.

Under the terms of the agreement, IREN Ltd. (NASDAQ:IREN) would deliver the GPUs in phases from its 750-MW campus in Childress, Texas. Microsoft would pre-pay 20 percent of the total contract.

Meanwhile, IREN Ltd. (NASDAQ:IREN) also entered into an agreement with Dell to purchase and ancillary equipment for approximately $5.8 billion.

In September this year, it successfully deployed 11,000 Nvidia Blackwell GPUs to its existing AI partners, with full operations targeted by the end of the year. Meanwhile, the remaining 12,000 GPUs are on track to be delivered by the end of the first quarter next year and generate $500 million in annualized recurring revenues (ARR) from AI alone.

The company is set to release the results of its earnings performance for the third quarter of the year after market close on Thursday, November 6.

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.