Iren stock rebounds as company's Q1 AI cloud revenue surges

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Iren (IREN) stock surged on Friday as the data center operator reported strong growth in its artificial intelligence cloud business in its fiscal first quarter. Iren shares jumped as much as 19% in early trading Friday, rebounding from a roughly 17% decline in the previous session amid a broader sell-off in the AI trade. Despite the recovery, Iren shares remain down more than 50% year to date as investor concerns over AI infrastructure spending, financing requirements and data center expansion have weighed on the sector. The company, which has transitioned from bitcoin (BTC-USD) mining into AI cloud and data center infrastructure, has been particularly affected by the recent pullback in neocloud stocks.