IREN Ltd. (IREN) Jumps 13% on Bitcoin Fever

We recently published 10 Stocks With Easy Double-Digit Gains. IREN Ltd. (NASDAQ:IREN) was one of the top performers on Monday.

IREN rallied for a second day on Monday, surging 12.97 percent to close at $48.24 apiece as investors took path from Bitcoin’s renewed strength.

IREN Ltd. (NASDAQ:IREN) surged alongside its Bitcoin mining counterparts, namely Hut 8 Corp., American Bitcoin, Riot Platforms, MARA Holdings, and Strategy Inc., among others, in line with the cryptocurrency’s retest to a nearly six-week high of $95,000 level.

Meanwhile, Bitcoin prices were up as traders placed bets ahead of US jobs data for December, where economists expect 54,000 new jobs to be created. The Labor Department would release the official results on Friday, January 9.

Bitcoin aside, IREN Ltd. (NASDAQ:IREN) recently received a “neutral” rating from Goldman Sachs, saying that the former’s current valuation was “relatively full.”

Last year, IREN Ltd. (NASDAQ:IREN) bagged a number of billion-dollar agreements with technology giants, including a $9.7 billion GPU cloud services contract with Microsoft Corp., where it supplies the latter with NVIDIA GB300 GPUs over a five-year term.

It also entered into an agreement with Dell Technologies to purchase the GPUs and ancillary equipment for approximately $5.8 billion.

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.