Stock Market Today, May 8: Iren Jumps After Announcing Multi-Year Nvidia Partnership

Iren (NASDAQ:IREN), which develops and operates renewable-powered data centers for Bitcoin (CRYPTO:BTC) mining and AI cloud services, closed Friday at $61.2, up 7.65%. The stock moved higher after announcing a multi-year partnership with Nvidia (NASDAQ:NVDA) and unveiling major AI cloud expansion plans. Investors are closely watching the ramp-up of contracted AI infrastructure deals and integration of recent acquisitions.Trading volume reached 108.3 million shares, coming in about 187% above its three-month average of 37.7 million shares. Iren IPO'd in 2021 and has grown 150% since going public.The S&P 500 (SNPINDEX:^GSPC) rose 0.84% to 7,399, while the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 1.71% to finish at 26,247. Both closed at new record highs. Among vertically integrated data center and digital infrastructure peers, Mara Holdings (NASDAQ:MARA) closed at $12.94, up 1.89%, while Riot Platforms (NASDAQ:RIOT) ended at $24.08, down 0.12%, reflecting mixed sentiment around AI pivots.Iren struck a deal with Nvidia to roll out up to 5 gigawatts of Nvidia's infrastructure designs, aimed at powering artificial intelligence tasks in Iren's data center facilities worldwide. The agreement will give Nvidia the right to purchase up to 30 million shares of Iren stock at an exercise price of $70 per share, or up to about $2.1 billion. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool