IREN is trading 6.5% up at $48.12 following significant progress in its transition from cryptocurrency mining to artificial intelligence infrastructure.
- The 1.4 GW Sweetwater 1 data center site is nearing energization after the arrival of its final transformer, marking a major milestone for the company's AI expansion.
- Broader crypto market strength is providing additional tailwinds, with Bitcoin and Ethereum rising 4.4% and 4.2%, respectively, since yesterday's close.