IREN Limited (IREN), once known as Iris Energy, has spent the past few years rewriting its story. It began as a pure-play Bitcoin (BTCUSD) miner but did not stay tied to its origins. As global investment in artificial intelligence (AI) infrastructure increased, IREN shifted its focus to the data center market, developing a platform for long-term, high-demand computing growth.
The development becomes more obvious through its strategic collaborations, the most recent of which is the multi-year AI cloud arrangement with Microsoft (MSFT), which was unveiled on Nov. 3 and sent the stock up 11.5% in a single trading session.
