Stock Market Today, Jan. 12: Iren Jumps on Bernstein Naming It Top AI Pick After Microsoft Contract Win

Iren (NASDAQ:IREN), a vertically integrated data center operator previously specializing in Bitcoin (CRYPTO:BTC) mining, closed Monday at $50.33, up 9.34% on the day. Iren IPO'd in 2021 and has grown 106% since going public. Trading volume reached 52 million shares, coming in about 37% above versus its three-month average of 37.8 million shares.Monday's trading is reflecting renewed interest in crypto-exposed AI infrastructure plays, with investors watching Iren's Microsoft (NASDAQ:MSFT) AI contract and pivot toward high-performance computing. The S&P 500 (SNPINDEX:^GSPC) added 0.15% to finish at 6,977, while the Nasdaq Composite (NASDAQINDEX:^IXIC) climbed 0.26% to 23,734. Within capital markets industry names, peers Mara Holdings (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT) gained 4.21% and 7.38%, respectively, as traders track Bitcoin levels and the evolving role of miners in AI and data-center growth.Iren initially began as a Bitcoin mining company, utilizing data centers full of servers. With the surge in demand for compute capacity from the rise in AI, the company has pivoted its focus to high-performance AI computing. The consistent revenue generated from the crypto mining operations is helping Iren to transition more rapidly, supplying the necessary resources to develop and maintain a fully integrated AI cloud complex.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool