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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InIn a move reflecting the strategic pivot of crypto-mining firms toward high-tech sectors, IREN has reported massive growth in its AI-related business. According to reports, the company's AI revenue surged 839% year-over-year to $33.6 million in the third quarter of 2026, now accounting for 23% of total revenue. Furthermore, the company secured a landmark five-year, $3.4 billion cloud services agreement with NVIDIA, solidifying its position as a critical infrastructure provider.
This transition occurs as peers like Core Scientific and HIVE Digital similarly seek to diversify income streams away from Bitcoin's volatility. Compared to the previous quarter, IREN has upgraded its GPU targets for 2026 and increased its secured power capacity to 5GW to support long-term scaling. Per market data, this trajectory aligns with the soaring demand for high-performance data centers required by generative AI models.
Operationally, markets are monitoring the company's ability to execute its announced power expansions amid intense competition for computing resources. Based on available data, IREN stock closed at levels reflecting investor optimism regarding high-margin growth (close June 19, 2026). Looking ahead, traders are watching the U.S. Industrial Production data scheduled for June 15, 2026, to gauge broader activity in the tech and infrastructure sectors.