Microsoft signs $9.7 billion agreement with cryptocurrency concept stock Iren.

Australia's IREN Limited announced on Monday that Microsoft has signed a $9.7 billion agreement to purchase artificial intelligence cloud computing power from IREN, making it the largest customer of this Australian company. IREN stated that this five-year agreement will allow Microsoft to use NVIDIA's accelerator system located in Texas, USA - which is built on the GB300 architecture and designed specifically to handle AI workloads; the agreement also includes a 20% upfront payment. IREN, headquartered in Sydney, also revealed that the company has reached another agreement to purchase necessary graphic processors and related equipment from Dell Technologies for $5.8 billion. IREN CEO Daniel Roberts stated in an email that once this agreement is fully implemented, it is expected to bring in approximately $1.94 billion in annual revenue for the company. This collaboration will occupy about 10% of IREN's total computing power, leaving room for the infrastructure provider to sign more contracts and create additional revenue.