Does Iren's Golden State Warriors Partnership Make Any Sense?
This deal could be a masterstroke, but investors need more clarity on the company's direction.
Overview
Iren (NASDAQ: IREN) recently announced a new deal, but it wasn't the sort of agreement that investors could have been expecting. While its fellow AI cloud providers Nebius (NASDAQ: NBIS) and Cipher Mining (NASDAQ: CIFR) have been signing hyperscaler deals that can run for up to 15 years, Iren inked a partnership with the NBA's Golden State Warriors.
Iren is paying $50 million per year to the basketball team to display its logo patch on every jersey. It's the richest such sponsorship deal in North American sports history, and it has attracted sharp criticism from investors, but if Iren executes correctly, this deal could be a masterstroke.
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Originally published at www.fool.com.