IREN shares surge 10.36% intraday after securing $9.7B AI cloud deal with Microsoft.

IREN surged 10.36% intraday trading following multiple catalysts, including Zacks Investment Ideas’ feature highlighting its transition to AI-focused data centers powered by renewable energy and a newly announced $9.7 billion, five-year AI cloud services contract with Microsoft. The Zacks analysis emphasized IREN’s strategic positioning in the AI infrastructure boom, leveraging its renewable energy moat and scalable compute solutions, while the Microsoft deal validated its market credibility and growth trajectory. These developments aligned with bullish technical indicators, including a breakout from a high-tight flag pattern, further fueling investor optimism. The stock’s sharp rise bucked broader market trends, underscoring confidence in IREN’s pivot from crypto mining to AI infrastructure and its ability to capitalize on the energy-intensive demands of the AI sector.