IREN (IREN) Climbs 8.5% Ahead of Earnings

We recently published 10 Stocks Delivering Outsized Gains; 3 Are Hitting Record Highs. IREN Ltd. (NASDAQ:IREN) was one of the best performers on Friday.

IREN snapped a three-day losing streak on Friday, jumping 8.46 percent to close at $56.68 apiece as investors repositioned portfolios ahead of the results of its earnings performance for the second quarter of fiscal year 2026.

According to the company, it is scheduled to release its financial and operating highlights after market close on Thursday, February 5.

For the fiscal period, IREN Ltd. (NASDAQ:IREN) is targeting to register $3.4 billion in annualized revenue and expand to 140,000 GPUs to support the expansion of artificial intelligence.

Photo by Javier Esteban on Unsplash

“Our announced expansion to 140k GPUs represents only 16 percent of our 3GW grid-connected power portfolio, providing ample capacity to continue scaling IREN’s AI Cloud platform and drive long-term value creation,” IREN Ltd. (NASDAQ:IREN) co-founder and co-CEO Daniel Roberts earlier said.

“We secured several new multi-year contracts, including a landmark partnership with Microsoft, which solidifies IREN’s position as a leading AI Cloud Service Provider and expands our reach into new hyperscale customer segments,” he added.

While we acknowledge the potential of IREN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.