• IREN is trading at $44.70 (+4.3%) as AI infrastructure stocks rally on blowout earnings from major tech companies like Microsoft and Alphabet.
  • Hyperscalers signaled a massive increase in capital expenditures for AI, a direct tailwind for IREN, which has a $9.7 billion contract to supply AI cloud capacity to Microsoft.
  • The move also represents a rebound from a recent selloff following a Bernstein price target cut to $100 earlier in the week.