Key Points IREN stock has run up significantly over the past two years as it pivots from Bitcoin mining to providing AI cloud services. Last year, it announced a five-year, $9.7 billion deal with Microsoft. The company is spending significantly to expand its capacity. 10 stocks we like better than Iren › 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.
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