IREN stock surges 20% as AI cloud revenue jumps 182%
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IREN shares jumped 20% after the bitcoin miner-turned-AI cloud provider reported a 182% year-over-year surge in AI cloud revenue, underscoring how aggressively it is shifting away from pure mining economics. The company’s results highlight growing demand for GPU compute, but also reveal concentrated exposure to a small number of large customers, including Microsoft, which remains a key risk for revenue stability. Investors are watching whether IREN can diversify its client base and sustain AI cloud growth as it scales infrastructure.
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IREN, Microsoft (MSFT)
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