Why IREN Limited Rallied Over 77% in September
Shares of IREN Limited (NASDAQ: IREN), the former Bitcoin miner, rocketed 77.2% in September, according to data from S&P Global Market Intelligence.
IREN -- which is now a "neocloud," renting third-party chips to others -- reported its fiscal fourth-quarter results at the end of August, at which time it disclosed it had achieved the Nvidia (NASDAQ: NVDA) "preferred partner" status and rose on that news. But September saw a increase in projections for AI computing demand over at least the next few years, on the heels of extremely bullish long-term forecasts from several AI companies, especially (NYSE: ORCL), OpenAI, and Nvidia.
IREN also helped its own cause in September when it announced it had doubled its supply of graphics processing units (GPUs), spurring the company to double its already bullish projections for its end-of-year annualized revenue run rate.
Source Fool.com
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