IREN Ltd. (NASDAQ:IREN) saw a 14.57% increase in share prices, closing at $59.99 per share, driven by positive developments in the AI industry and anticipation of upcoming earnings results. The company plans to release financial highlights after market close on February 5, targeting $3.4 billion in annualized revenue and 140,000 GPUs for AI expansion.

IREN Ltd. rallied alongside other AI companies after news of billion-dollar fundraising initiatives in the industry. Nvidia Corp. invested $2 billion in CoreWeave, while Anthropic raised $15 billion for expansion, valuing the company at $350 billion. This led to increased investor interest in data center operators and high-performance computing firms.

Investors are optimistic about IREN’s potential, but some believe other AI stocks offer better returns with less risk. For those seeking a cheap AI stock with potential benefits from tariffs and onshoring, a free report on the best short-term AI stock is available. Stay updated on potential investment opportunities with insights on stocks that may double in 3 years and hidden AI stocks to consider now.

Read more at Yahoo Finance: IREN Ltd. (IREN) Soars 14.6% on Further AI Bets