Iren › Shares of Iren (NASDAQ: IREN) jumped more than 11% on Monday after the rapidly expanding artificial intelligence (AI) infrastructure provider announced a $9.7 billion cloud contract with Microsoft.

IREN Limited surges 18% after a $2B Microsoft deal. Click for what this means for IREN stock investors and the risks if AI trends or GPU demand weaken.

Microsoft ( $MSFT) has signed a $9.7 billion AI cloud infrastructure agreement with IREN ( $IREN ), sending IREN shares surging more than 18% in pre-market trading to $71.50. The deal follows scrutiny over a stock purchase by U.S. Representative Cleo Fields, whose investment in IREN has now gained over 330% since September.

Bitcoin (CRYPTO: BTC) mining stocks don't usually mint Wall Street legends a fresh fortune — but IREN Ltd (NASDAQ:IREN) just did.

Iren is one of several artificial intelligence infrastructure stocks that rose quickly on faith that AI spending will continue to soar. Signs of a bubble in that sector had investors selling earlier this week.

Kimberly-Clark agrees to buy Tylenol maker Kenvue in a cash-and-stock deal valued at about $48.7 billion, including debt.

IREN Limited (NASDAQ:IREN) is one of the 12 Best Performing Stocks in the Last 3 Months. On October 22, B. Riley increased its price target on IREN Limited (NASDAQ:IREN) from $29 to $74 and reiterated a Buy rating as the research firm updated its estimates for high-performance computing companies.

IREN shares are down 2.2% in premarket trade ・H.C. Wainwright downgraded the stock to sell from buy but raised the price target by 25% ・The brokerage believes the stock is now significantly overvalued Shares of IREN were down 2.