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Story summary
- IREN Limited signed a $9.7 billion multi-year AI cloud services contract with Microsoft to deploy NVIDIA GB300 GPUs at its Texas facility.
- The agreement includes a 20% prepayment.
- IREN will finance the project with existing cash and revenues as it pivots to AI.
- Following the announcement, IREN's stock rose nearly 30%.
- Analysts at Bernstein raised their price target to $125.
