Is It Too Late to Buy IREN Stock After Its Monster Run?
Key PointsIREN stock has run up significantly over the past two years as it pivots from Bitcoin mining to providing AI cloud services.
Artificial intelligence has been driving demand for both compute power and energy, leading Bitcoin miners to adapt their infrastructure. Companies like IREN (NASDAQ: IREN) are capitalizing on this trend. IREN started exploring an AI pivot in 2024, and investors have responded favorably, driving its shares up by 414% over the past two years.
Given the stock's impressive performance, one may wonder if it's too late to invest in IREN. To answer this question, it is essential to examine the company and its long-term outlook. Originally founded in 2018 as Iris Energy, IREN began as a renewable-powered Bitcoin miner. The demand for energy by Bitcoin mining and AI workloads necessitates high-power-density data centers, incorporating next-generation graphics processing units (GPUs) and innovative cooling systems.
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