Stock Market Today, Feb. 6: Iren Rises on Microsoft Cloud Expansion and AI Data Center Pivot

Iren (NASDAQ:IREN), a vertically integrated data center operator originally focusing on Bitcoin (CRYPTO:BTC) mining, closed Friday at $41.83, up 5.13%. The stock rebounded as investors reassessed a Q2 earnings miss, but today’s gains still didn’t make up for losses earlier in the week. Investors are still concerned about Iren’s AI data center pivot and are watching execution on the Microsoft-backed cloud expansion and power build-out next.Trading volume reached 74.3 million shares, coming in about 84% above its three-month average of 40.5 million shares. Iren IPO'd in 2021 and has grown 71% since going public.The S&P 500 (SNPINDEX:^GSPC) added 1.97% to finish Friday at 6,932, while the Nasdaq Composite (NASDAQINDEX:^IXIC) climbed 2.18% to close at 23,031. Within cryptocurrency mining, industry peers Mara Holdings (NASDAQ:MARA) closed at $8.24 (up 22.44%) and Riot Platforms (NASDAQ:RIOT) finished at $14.45 (up 19.82%) as traders leaned back into high-beta miners.Iren still ended the week 22% below last Friday’s closing price. Analyst commentary cited disappointment that another AI deal wasn’t announced by the Bitcoin miner turned AI cloud company. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool