IREN Ltd. (IREN) shares rose more than 9% to $57.47 on Thursday.
The rally followed Nvidia’s disclosure that H100 GPU rental prices increased 20% year-to-date. This trend boosted sentiment for specialized AI cloud and data center providers.
Investors reacted positively to IREN’s shift from Bitcoin mining to AI infrastructure. This pivot includes a 5-gigawatt power pipeline and a strategic partnership with Nvidia.
Market sentiment stabilized as the stock recovered from dilution concerns. These concerns stemmed from a recently closed $3 billion convertible senior notes offering.