IREN Limited shares rose during the Thursday, June 25 market session. The stock rallied alongside neocloud competitors CoreWeave and Nebius following Micron’s exceptional third-quarter earnings report.
Micron reported record-breaking revenue and profits, boosting investor sentiment across the artificial intelligence sector. IREN and other neocloud providers serve as market proxies for the AI chip industry by providing essential GPU and power capacity. The rally extended to major chipmakers including AMD and Nvidia.
This upward movement follows an 8% decline for IREN in the previous trading session. A Bernstein analyst recently flagged the company for reporting lower revenue per megawatt compared to its industry peers.