Stock Market Today, Nov. 6: Iren Soars 20% on Strong AI Cloud Revenue Growth
Iren (NASDAQ:IREN) , a vertically integrated AI cloud infrastructure provider, closed at $21.64, up 20.02%. The stock rose after fiscal first-quarter results beat expectations and AI cloud revenue nearly tripled. Investors are watching whether customer prepayments and contract growth support the higher AI cloud target. Trading volume reached 110.5 million shares, coming in about 128% above its three-month average of 48.5 million shares. Iren IPO'd in 2021 and has fallen 11% since going public. The S&P 500 (SNPINDEX:^GSPC) rose 0.31% to 7,377, while the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 1.09% to 24,579. Among AI cloud infrastructure and digital data center operations peers, TeraWulf (NASDAQ:WULF) closed at $11.37, up 12.80%, and Cipher Digital (NASDAQ:CIFR) closed at $6.55, up 17.93%, showing strong support for the group. Iren, along with other so-called neocloud stocks, has been under pressure this week amid fears that data center growth is facing sharp headwinds in many states throughout the U.S. But its fiscal 2027 first-quarter earnings report helped ease some concerns today. Continue reading