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📌 Main takeaway:
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Key takeaways
- IREN shares rose to a record high on Monday after the Australian bitcoin mining and data center company said it had signed a $9.7 billion deal with Microsoft.
- IREN is also spending $5.8 billion to buy Nvidia chips from Dell Technologies.
IREN (IREN) shares jumped to an all-time high on Monday after the Australian bitcoin mining and data center company announced it had signed a $9.7 billion deal with Microsoft (MSFT).
IREN shares rose more than 8% near $66 in recent trading after hitting an intraday high of $75.73 earlier in the session. Microsoft shares changed little.
The deal will give Microsoft access to Nvidia (NVDA) chips in its data centers over five years, the company said. Erin also said it has struck a deal to buy Nvidia’s related chips and ancillary equipment from Dell Technologies (DELL) for about $5.8 billion.
Erin said it plans to pay for all capital expenditures involved through “a combination of existing cash, advance payments to customers, operating cash flows and additional financing initiatives.”
Why is this important?
IREN, like some other Bitcoin miners, has focused more of its business on providing AI infrastructure to take advantage of the surge in demand for computing.
Co-founder and CEO Daniel Roberts said the Microsoft agreement represents “another major step forward for IREN as we continue to scale large-scale GPU deployments across our 3GW secure power portfolio in North America.”
With Monday’s gains, Erin shares are up nearly 600% for 2025.
🔥 What do you think?
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