IREN Ltd. (IREN) Soars 14.6% on Further AI Bets

We recently published 10 Big Names With Easy 10-30% Gains. IREN Ltd. (NASDAQ:IREN) was one of the best performers on Tuesday.

IREN Ltd. saw its share prices jump by 14.57 percent to close at $59.99 apiece as investors loaded portfolios amid positive developments in the artificial intelligence industry and ahead of the results of its earnings performance next week.

According to the company, it is scheduled to release its financial and operating highlights after market close next Thursday, February 5. A conference call will be held to elaborate on the results.

For the fiscal period, IREN Ltd. (NASDAQ:IREN) is targeting to register $3.4 billion in annualized revenue and expand to 140,000 GPUs to support the expansion of artificial intelligence.

Meanwhile, IREN Ltd. (NASDAQ:IREN) rallied alongside its counterparts following news of billion-dollar fundraising programs in the artificial intelligence industry.

Among them, Nvidia Corp. said that it invested $2 billion in CoreWeave, a leading data center and HPC operator, in a bid to support the growing demands of AI.

Meanwhile, AI startup Anthropic also successfully raised $15 billion in fresh funds for its expansion program, reports said, valuing the company as much as $350 billion.

The news spilled over to data center operators and high-performance computing companies on expectations that AI firms’ ongoing expansion plans could bolster demand for their services.

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.