Shares of Iris Energy Ltd (IREN) surged 7.12% on Tuesday, propelled by the company's business update highlighting its aggressive expansion plans in the rapidly growing artificial intelligence (AI) and cloud computing sectors.
In its update, IREN revealed that its AI Cloud Services division is expected to generate approximately $32 million in annualized hardware profit by the end of 2024. This impressive figure underscores the strong demand for IREN's AI and cloud offerings, as well as the company's ability to capitalize on the burgeoning market.
To further bolster its AI computing capabilities, IREN plans to commission an additional 1,080 NVIDIA H200 graphics processing units (GPUs) in the fourth quarter of 2024. The company is also preparing to integrate liquid-cooled hardware, including NVIDIA Blackwell GB200 GPUs, into its existing data centers.
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