Why Iren Limited Rallied Again in October
Shares of artificial intelligence (AI) "neocloud" Iren Limited (NASDAQ: IREN) rallied 29.4% in October, according to data from S&P Global Market Intelligence.
Iren's October rise was all the more impressive since the stock had already rallied some 77% in September, when AI enthusiasm took off and investors realized Iren owned scarce land and contracted power for AI data centers.
Back in September, Iren announced it had secured a hefty supply of graphics processing units (GPUs) and increased its annualized revenue run rate (ARR). As the calendar flipped to October, Iren disclosed that it had in fact converted those GPUs into firm contracts with AI cloud providers. The company then parlayed the market's optimism and higher stock price into cash, raising more money through a convertible notes offering.
Source Fool.com
Iren SpA Stock
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