IREN, Hut 8 Soar On AI Data Center Deals, Lead Neocloud Rally - Investor's Business Daily

What the report says

Investor’s Business Daily reported that IREN and Hut 8 led a Monday rally in shares tied to bitcoin mining and artificial intelligence cloud infrastructure after both companies announced new customer agreements. The move lifted a broader group of data center, cryptocurrency-linked and so-called neocloud stocks, according to the report.

The publisher said IREN raised its AI cloud revenue target after revising contracts with major AI developers. The article did not include the new revenue target in the supplied text, but the update indicates the company expects more income from renting computing capacity for AI workloads. IREN, formerly known for bitcoin mining, has been among companies seeking to use power access and data center assets for high-performance computing demand.

Hut 8 also gained after announcing what IBD described as a nearly $10 billion deal. The reported expansion followed a customer doubling an initial order, suggesting larger demand for the company’s data center capacity than first planned. The supplied article text does not identify the customer or give contract timing, so those details remain unconfirmed from the available evidence.

The development matters because investors have increasingly treated some crypto miners as potential AI infrastructure providers, not just as businesses tied to bitcoin prices. AI model developers need large amounts of electricity, specialized hardware and data center space, while miners often already control power-intensive sites. IBD’s report frames the stock moves as part of a wider neocloud rally, reflecting market interest in companies that can provide cloud-style computing capacity outside the largest established hyperscale platforms.