Iris Energy ( (IREN) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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Iris Energy’s stock has experienced a notable rise due to strategic investments in expanding its AI cloud capabilities. The company has invested $670 million in Nvidia and AMD GPUs, doubling its AI cloud to 23,000 GPUs. This expansion is projected to generate over $500 million in annual recurring revenue, prompting analysts to raise the company’s price target. Analysts also emphasize the company’s strategic positioning and growth potential, maintaining positive ratings.
More about Iris Energy
YTD Price Performance: 299.33%
Average Trading Volume: 30,219,463
Technical Sentiment Signal: Buy
Current Market Cap: $11.36B
For further insights into IREN stock on TipRanks’ Stock Analysis page.
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