Stock Market Today, April 23: Iren Jumps on Ongoing Data Center Pivot
Iren (NASDAQ:IREN), a Bitcoin mining and AI data center operator, closed Thursday at $52.02, up 7.50%. The stock advanced on positive coverage of its data center pivot that highlighted its growth potential.
Trading volume reached 57.2 million shares, coming in about 56% above its three-month average of 36.7 million shares. Iren IPO'd in 2021 and has grown 86% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) slipped 0.41% to finish Thursday at 7,108, while the Nasdaq Composite (NASDAQINDEX:^IXIC) fell 0.89% to close at 24,439. Within data processing services, industry peers Mara Holdings (NASDAQ:MARA) fell 0.34% to close at $11.80, and Riot Platforms (NASDAQ:RIOT) dropped 1.46% to finish at $18.21, lagging Iren’s strong gains.
What this means for investors
Iren is one of several Bitcoin mining companies to transition into providing energy for artificial intelligence (AI) and data centers. It has soared over 750% in the past year on growing demand for AI computing capacity, including a deal with Microsoft in November.
Today’s gains extend its upward momentum, following reports that some analysts view it as undervalued. It will report Q3 earnings on May 7, when investors will be looking for details on a possible $6 billion share issuance. The funds would further cement its transition away from Bitcoin and into AI infrastructure, but some are concerned about share dilution and want clarity on revenue projections.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Microsoft. The Motley Fool has a disclosure policy.
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