IREN Soars 19.6% on $2.8B AI Cloud Deal — New Infra Darling?
IREN (IREN) surged 19.57% to $40, the session's standout performer, after securing a $2.8 billion AI cloud contract and raising its 2026 revenue target above $4 billion. The former Bitcoin miner-turned-AI data center operator is drawing fresh scrutiny over whether the deal with a major tech hyperscaler fundamentally reshapes its bull thesis. With capital flooding into AI infrastructure plays, is this rally a genuine valuation re-rating — or a one-time sentiment spike on a hot narrative?