Stock Market Today, May 8: Iren Jumps After Announcing Multi-Year Nvidia Partnership
Iren (NASDAQ:IREN), which develops and operates renewable-powered data centers for Bitcoin (CRYPTO:BTC) mining and AI cloud services, closed Friday at $61.2, up 7.65%. The stock moved higher after announcing a multi-year partnership with Nvidia (NASDAQ:NVDA) and unveiling major AI cloud expansion plans. Investors are closely watching the ramp-up of contracted AI infrastructure deals and integration of recent acquisitions.
Trading volume reached 108.3 million shares, coming in about 187% above its three-month average of 37.7 million shares. Iren IPO'd in 2021 and has grown 150% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) rose 0.84% to 7,399, while the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 1.71% to finish at 26,247. Both closed at new record highs. Among vertically integrated data center and digital infrastructure peers, Mara Holdings (NASDAQ:MARA) closed at $12.94, up 1.89%, while Riot Platforms (NASDAQ:RIOT) ended at $24.08, down 0.12%, reflecting mixed sentiment around AI pivots.
What this means for investors
Iren struck a deal with Nvidia to roll out up to 5 gigawatts of Nvidia's infrastructure designs, aimed at powering artificial intelligence tasks in Iren's data center facilities worldwide. The agreement will give Nvidia the right to purchase up to 30 million shares of Iren stock at an exercise price of $70 per share, or up to about $2.1 billion.
In a separate five-year deal worth about $3.4 billion, Iren will grant Nvidia access to managed GPU cloud services for its internal artificial intelligence and research tasks.
Investors liked that Iren is now firmly entrenched as an AI cloud compute supplier.
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Howard Smith has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
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