Why IREN Stock Is Up Nearly 10% Today

IREN stock surged nearly 10% on Wednesday following strong quarterly earnings reports from competitors CoreWeave and Nebius Group. Both companies demonstrated robust revenue growth and improved profitability, suggesting the AI data center infrastructure opportunity is materializing as expected. Despite the gains, IREN remains down 36% from its May peak and trading at roughly half of analysts' consensus price target of $84.64, indicating potential for further upside amid continued volatility.