Is It Too Late to Buy IREN Stock After Its Monster Run?
IREN stock has surged in recent years as the company pivots to AI cloud services.
Overview
Artificial intelligence has been fueling massive demand for both compute and power, and Bitcoin miners have been taking advantage. These companies own the infrastructure to handle demanding workloads, and as AI capacity remains scarce, miners have been pivoting their infrastructure toward this rapidly growing market.
IREN (NASDAQ: IREN) is one of them. The company started exploring an AI pivot in 2024. Investors have taken notice, and IREN shares are up 414% over the past two years. After such a monster run, is it too late to buy IREN? Let's dive into the company and its long-term outlook to find out.
Details
Founded in 2018 as Iris Energy, IREN began its journey as a renewable-powered Bitcoin miner. Bitcoin mining and AI workloads require massive amounts of energy capacity. These workloads also require high-power-density data center infrastructure, including next-gen graphics processing unit (GPU) clusters and advanced cooling solutions.
Source
Originally published at www.fool.com.