US Stock Market Move | Reached a $3.4 billion AI cloud computing contract with NVIDIA Corporation, IREN (IREN.US) opened with a more than 10% surge.

On Friday, IREN (IREN.US) opened with a significant increase of over 10%, reaching a new high for the year with a total increase of 85% since April. In terms of news, NVIDIA Corporation (NVDA.US) is set to invest up to $2.1 billion in data center developer IREN as part of a broader cooperation aimed at accelerating the construction of artificial intelligence (AI) infrastructure. In a statement on Thursday, the two companies announced that IREN has agreed to grant NVIDIA Corporation the right to purchase up to 30 million shares at a strike price of $70 per share over the course of five years. The two companies will also collaborate to deploy computing power capacity worth billions of dollars. As part of the collaboration, IREN has announced a $3.4 billion AI cloud computing contract with NVIDIA Corporation to purchase and deploy NVIDIA Corporation's Blackwell processors. The two parties plan to gradually increase NVIDIA Corporation infrastructure up to 5 gigawatts in scale in the future. The statement also mentions that NVIDIA Corporation and IREN plan to jointly deploy large-scale data centers, utilizing NVIDIA Corporation's equipment and IREN's expertise in land acquisition, electricity, and other construction elements to advance project development.