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Why Iren Limited Is Rallying Today

TheMotleyFool

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Why Iren Limited Is Rallying Today: https://g.foolcdn.com/editorial/images/836827/gettyimages-1480633240.jpg

Shares of Iren Limited (NASDAQ: IREN) rallied 11.2% on Monday, as of 12:23 p.m. ET.

Iren is one of several former Bitcoin miners with established GPU-filled data centers currently converting its data center fleet to become an artificial intelligence (AI) neocloud.

Today, another massive deal between OpenAI and the semiconductor ecosystem increased everyone's estimates for the computing demand over the next several years, at least. If AI demand is truly as "insatiable" as today's deal and other recent announcements indicate, Iren's demand should continue to be very strong.

Source Fool.com