IREN Stock Surges on Nvidia Earnings and Recovering Bitcoin

IREN stock has seen significant gains ahead of its earnings release today, mirroring the performance of other neocloud companies like CoreWeave and Nebius. The surge follows strong earnings from Nvidia, which saw revenue jump to $96 billion and boosted forward guidance with a 70% growth rate for FY'28.

The AI boom is expected to continue, driven by rising demand for computing. This trend may benefit IREN, formerly known as Iris Energy, particularly in its role as an AI company. The company's recent acquisition of Mirantis and $2.8 billion deal with several AI labs will also contribute to revenue growth.

Analysts expect IREN's revenue to have dropped 28% to $135 million in the quarter due to Bitcoin weakness, which remained in a deep bear market during the period. However, signs indicate that Bitcoin is recovering, having jumped to $80,200 today. This may help boost revenue in the coming year, with annual revenue expected to jump to $669 million this year and $2.33 billion next year.