IREN Surges After $3.4B NVIDIA AI Cloud Deal

IREN announced a massive $3.4 billion AI cloud infrastructure agreement with NVIDIA, including an option for NVIDIA to invest up to $2.1 billion in equity. The partnership triggered explosive trading activity, with IREN’s NASDAQ trading volume surpassing AUD $10 billion in a single session. Bernstein also initiated coverage on the company with a $100 price target following the announcement. The deal positions IREN as a growing player in AI cloud infrastructure amid surging institutional demand for high-performance computing capacity.