IREN Limited Strikes $3.4 Billion Deal with Nvidia in AI Cloud Pivot

IREN Limited's decision to shift its focus from bitcoin mining to AI cloud services has gained momentum with a significant deal with Nvidia. The tech giant has secured a $3.4 billion, five-year cloud-services agreement with IREN, which will see the company roll out up to 5 gigawatts of Nvidia-based AI infrastructure across its data-center pipeline.

The partnership is seen as a key milestone in IREN's pivot towards AI cloud services, and is expected to drive growth for the company. The deal also includes an option for Nvidia to purchase up to 30 million IREN shares over five years, potentially valuing at $2.1 billion.

IREN has been actively expanding its portfolio in recent months, snapping up assets such as Mirantis and Nostrum Group to support its pivot towards AI cloud services. The company's revenue has dropped in recent quarters, but the partnership with Nvidia is expected to help drive growth and offset declining revenue from legacy bitcoin mining operations.