IREN Ltd. Boosts Cloud Platform with Nvidia GPU Acquisition

IREN Ltd. has entered into an agreement to acquire over 50,000 Nvidia B300 GPUs to strengthen its cloud platform. The new GPUs will be deployed across its data centers and position Iren as one of the largest AI cloud infrastructure providers. H.C Wainwright reiterated a Buy rating on IREN Ltd. with an $80 price target, citing the company's pivot away from cryptocurrency mining toward an AI cloud business and strong market demand for cloud computing.