Iren Secures $9.7 Billion AI Cloud Deal with Microsoft
Iren has announced a significant milestone with the signing of a multiyear cloud-services agreement with Microsoft, valued at $9.7 billion. This partnership aims to leverage advanced Nvidia chip technology to enhance cloud operations.
Iren’s $9.7 Billion AI Cloud Deal
The announcement came on a Monday, highlighting a strategic move for Iren in the tech space. The collaboration will feature the use of Nvidia’s Blackwell GB 300 GPUs, renowned for their performance capabilities in AI processing.
Impact on Stocks
Following the announcement, stocks of Iren (IREN) surged significantly. Likewise, Cipher Mining (CIFR), which recently secured a long-term deal with Amazon, also witnessed a rise in its stock value. These developments sparked a rally among other companies transitioning from bitcoin mining to artificial intelligence.
Key Details of the Agreement
- Contract Value: $9.7 billion
- Partner: Microsoft
- Technology: Nvidia Blackwell GB 300 GPUs
- Market Reaction: Increased stock prices for IREN and CIFR
- Industry Shift: Bitcoin miners moving towards AI services
This agreement not only signifies Iren’s pivotal role in the AI cloud sector but also reinforces Microsoft’s commitment to enhancing its cloud capabilities through cutting-edge technology.
