Stocks
NVIDIA Invests $2.1B in IREN Amid Shift Towards AI Infrastructure
IREN Limited's (IREN) stock surged 21% in after-hours trading on Thursday, following its announcement of a strategic partnership with NVIDIA (NVDA).
The deal grants NVIDIA significant equity rights and commits IREN to delivering up to 5 GW of next-generation AI infrastructure. Under the agreement, NVIDIA will receive a five-year warrant to purchase up to 30 million IREN shares at $70 per share.
This represents a potential $2.1 billion investment for NVIDIA, as it takes advantage of IREN's shift from Bitcoin mining roots to becoming a major player in AI infrastructure.