Shares of Iren (IREN), an AI, cloud, and data center company, jumped nearly 15% on August 29 after announcing it had achieved “preferred partner” status with Nvidia.
The designation is seen as a significant endorsement, positioning Iren as a key collaborator in Nvidia’s expanding ecosystem for AI and data center solutions.
In addition to the partnership news, Iren confirmed it has secured the purchase of up to $168 million worth of Nvidia GPUs, further fueling the company’s stock rally on the same day. The deal underscores a surge in investor confidence as the company gears up to expand its data processing capabilities and capitalize on the booming AI infrastructure market.
Market analysts see the partnership and hardware procurement as a sign that Iren is positioning itself for rapid growth in a sector driven by AI adoption, cloud computing, and enterprise data needs.
Will the AI boom continue?
The stock’s impressive move reflects broader investor optimism about Nvidia’s influence over the growth trajectory of AI-focused companies.
Betting on Iren’s strategic shift toward AI and cloud services has yielded staggering returns for investors this year.
As of now, the company’s stock has risen more than 400% from its lowest point earlier in 2025, making it one of the year’s top-performing biotech and tech plays focused on AI infrastructure.
The dramatic rally reflects growing confidence in Iren’s belief that its focus on AI-driven data centers will position it at the forefront of the sector’s rapid expansion.
Industry analysts see this move as a sign that Iren is aligning itself with Nvidia’s trajectory of dominating AI hardware markets, with investor optimism reflecting expectations of robust revenue growth in the sector.
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