IREN Ltd. (NASDAQ:IREN) saw an 11.43% increase on Friday, closing at $57.82 per share after two days of losses. Taiwan Semiconductor Manufacturing Company (TSMC) announced a 33-37% higher budget this year, ranging from $52 billion to $56 billion, due to strong semiconductor demand. TSMC’s net income grew by 35% to NT$505.7 billion, with net sales rising 20.5% to NT$1.046 trillion. Investment firms HC Wainwright and Bernstein both issued “buy” recommendations for IREN, with price targets of $80 and $75, respectively. TSMC’s success also boosted optimism for AI-related companies like IREN and SuperMicro Computer Inc.

Read more at Yahoo Finance: IREN Ltd (IREN) Soars 11.4% as Chip Giant Ups Bet on AI Demand