Why Iren Stock Topped the Market on Thursday
The company made its first deployment in a contract with an important client.
Overview
Iren (NASDAQ: IREN), one of a clutch of cryptocurrency miners attempting to lean more heavily on data center operations, was a stock market winner on Thursday. The company reported news that indicated the strategy is a viable one, and investors rewarded the stock by pushing it almost 3% higher that trading session. This compared favorably to the S&P 500 index's 0.7% gain.
That morning, Iren announced that it had delivered a chunk of artificial intelligence (AI) compute to Microsoft. Horizon 1, a 50-megawatt deployment at Iren's campus in Childress, Texas, is the first stage of a five-year cloud services contract between the two companies worth $9.7 billion. It consists of four stages.
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Originally published at www.fool.com.
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