IREN Limited

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Galaxy Digital Inc (Symbol: GLXY), where a total volume of 34,546 contracts has been traded thus far today, a contract volume which is representative of approximately 3.5 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 55.4% of GLXY's average daily trading volume over the past month, of 6.2 million shares. Especially high volume was seen for the $30 strike call option expiring August 21, 2026, with 8,910 contracts trading so far today, representing approximately 891,000 underlying shares of GLXY. Below is a chart showing GLXY's trailing twelve month trading history, with the $30 strike highlighted in orange:
Visa Inc (Symbol: V) saw options trading volume of 43,584 contracts, representing approximately 4.4 million underlying shares or approximately 55.2% of V's average daily trading volume over the past month, of 7.9 million shares. Particularly high volume was seen for the $320 strike put option expiring September 18, 2026, with 1,883 contracts trading so far today, representing approximately 188,300 underlying shares of V. Below is a chart showing V's trailing twelve month trading history, with the $320 strike highlighted in orange:
And IREN Ltd (Symbol: IREN) saw options trading volume of 239,780 contracts, representing approximately 24.0 million underlying shares or approximately 55% of IREN's average daily trading volume over the past month, of 43.6 million shares. Especially high volume was seen for the $23 strike put option expiring July 31, 2026, with 12,322 contracts trading so far today, representing approximately 1.2 million underlying shares of IREN. Below is a chart showing IREN's trailing twelve month trading history, with the $23 strike highlighted in orange:
For the various different available expirations for GLXY options, V options, or IREN options, visit StockOptionsChannel.com.
Further GLXY Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Wednesday Option Activity: GLXY, V, IREN

The Global X PureCap MSCI Information Technology ETF is seeing unusually high volume in afternoon trading Wednesday, with over 2.3 million shares traded versus three month average volume of about 132,000. Shares of GXPT were down about 0.9% on the day.
Components of that ETF with the highest volume on Wednesday were Intel, trading down about 2.5% with over 68.9 million shares changing hands so far this session, and Nvidia, down about 2.1% on volume of over 66.7 million shares. Cognizant Technology Solutions is the component faring the best Wednesday, up by about 11% on the day, while IREN is lagging other components of the Global X PureCap MSCI Information Technology ETF, trading lower by about 8.9%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Wednesday's ETF with Unusual Volume: GXPT

Key Points
The S&P 500 has hit new record highs this year, but it's also near its most expensive valuation ever.
High market valuations typically precede crashes and corrections.
Whatever happens in the short term, the market's long-term future looks intact.
With the S&P 500 (SNPINDEX: ^GSPC) up more than 8% year to date, the market is gearing up for the fourth year in a row of gains. However, there are signs that the market is frothy. The S&P 500 could continue to thrive if valuations are in check and the economy is booming, but if valuations lose touch with reality, investors should definitely be concerned.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
The cyclically adjusted P/E ratio, or CAPE ratio, measures the S&P 500's total price-to-earnings ratio based on the past 10 years' worth of average earnings, adjusted for inflation, which smooths out the distortions of any one unusually good — or bad — year. That makes it a more reliable measure of the market's value than the standard average P/E ratio. Today, the CAPE ratio is at its highest level in more than 25 years and the second-highest ever.
Here's what history says happens next.
Out of touch with reality
The CAPE ratio reached its peak of 44 in 2000, during the dot-com bubble. The Internet was still early in its widespread adoption, and companies were jumping on the web bandwagon. They were spending money like it was going out of style, and while that spending was largely unprofitable, their valuations kept ramping up.
The resulting implosion was epitomized by the ill-fated Pets.com, which bled money and collapsed, but many other companies were in the same boat. The market plummeted, resulting in three consecutive annual losses between 2000 and 2002 and a total loss of 40%.
There are many similarities between what happened then and what's happening now. Both times brought revolutions: the Internet then, and artificial intelligence (AI) today. Now, digital companies are selling things beyond the bounds of Earth itself, including moon landings and satellites, and there are matching valuations.
Bulls might say that this time is different from the dot-com bubble, because AI companies are highly profitable. However, that doesn't address the mounting CAPE ratio; companies may be profitable, but their stock gains are still outpacing their profit growth.
Is a market crash on the way?
This still doesn't mean that a market crash is imminent. There are parallels between then and now, as well as differences. Many of the most important AI companies are hyperscalers with decades-long track records of profitability, cash generation, and overall success. These aren't new, unproven companies that are asking for your confidence, but companies like Amazon and Alphabet, which are dominant in their spaces and backed by high-cash-generating businesses like Amazon Web Services and Alphabet's Google search.
However, there are many smaller AI-driven companies that rely on continued hyperscaler spending to keep growing and retain their high valuations, and many of these companies are barely profitable or not profitable at all, yet may sport fantastic valuations. Consider Iren, CoreWeave, and Applied Digital, which are all reporting losses but have all caught market attention as major players in the AI cycle.
The way to investing success isn't changing
There may not be an imminent market crash, but a correction is coming at some point. The high CAPE ratio points to it coming sooner rather than later, but the future is unknown.
The positive news for investors is that the market has always recovered and gone on to soar to new heights after any market crash or correction, and it's the best path to wealth for many Americans. In fact, the S&P 500 has gained 742% since it recovered in 2003.
Investors need to keep in mind that any market plunge could be deep and long, and they should plan accordingly. That includes building a diversified portfolio with around 50 stocks, plenty of which should be in the defensive and value sectors. Then, you can be comfortable investing in growth stocks, too, and feel confident about the long-term future of the market.
Should you buy stock in S&P 500 Index right now?
Before you buy stock in S&P 500 Index, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and S&P 500 Index wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $379,662!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,206,116!*
Now, it’s worth noting Stock Advisor’s total average return is 886% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of July 29, 2026.
Jennifer Saibil has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Amazon. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This Stock Market Valuation Metric Just Hit a Two-Decade High. Here's What History Says the S&P 500 Does Next.

The NASDAQ 100 After Hours Indicator is up 30.88 to 27,794.02. The total After hours volume is currently 165,496,136 shares traded.
The following are the most active stocks for the after hours session:
NVIDIA Corporation (NVDA) is +0.24 at $197.25, with 7,590,624 shares traded. Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Jul 2026. The consensus EPS forecast is $2.01. As reported by Zacks, the current mean recommendation for NVDA is in the "buy range".
Applied Digital Corporation (APLD) is +0.08 at $26.70, with 7,444,102 shares traded. As reported by Zacks, the current mean recommendation for APLD is in the "buy range".
IREN Limited (IREN) is +0.14 at $34.07, with 5,947,285 shares traded. As reported by Zacks, the current mean recommendation for IREN is in the "buy range".
Apple Inc. (AAPL) is +0.03 at $340.11, with 5,389,404 shares traded. Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Dec 2026. The consensus EPS forecast is $2.95. AAPL is scheduled to provide an earnings report on 7/30/2026, for the fiscal quarter ending Jun2026. The consensus earnings per share forecast is 1.88 per share, which represents a 157 percent increase over the EPS one Year Ago
Intel Corporation (INTC) is +0.48 at $86.78, with 4,759,620 shares traded. Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Dec 2026. The consensus EPS forecast is $0.19. INTC's current last sale is 75.46% of the target price of $115.
Amazon.com, Inc. (AMZN) is -0.16 at $230.70, with 4,726,427 shares traded.AMZN is scheduled to provide an earnings report on 7/30/2026, for the fiscal quarter ending Jun2026. The consensus earnings per share forecast is 1.81 per share, which represents a 168 percent increase over the EPS one Year Ago
Kinder Morgan, Inc. (KMI) is unchanged at $31.61, with 4,715,234 shares traded. KMI's current last sale is 87.81% of the target price of $36.
Ford Motor Company (F) is +1.2 at $16.16, with 4,107,636 shares traded. Smarter Analyst Reports: Ford Plans Reorganization into EV and ICE Business Units – Report
Wells Fargo & Company (WFC) is -0.0609 at $86.81, with 2,822,878 shares traded. Over the last four weeks they have had 4 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2026. The consensus EPS forecast is $1.84. As reported by Zacks, the current mean recommendation for WFC is in the "buy range".
Carnival Corporation Ltd. (CCL) is +0.04 at $28.27, with 2,682,654 shares traded. As reported by Zacks, the current mean recommendation for CCL is in the "buy range".
AT&T Inc. (T) is +0.0055 at $24.67, with 2,443,665 shares traded. Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2026. The consensus EPS forecast is $0.62. As reported by Zacks, the current mean recommendation for T is in the "buy range".
Bloom Energy Corporation (BE) is +22.01 at $188.85, with 2,299,289 shares traded. BE's current last sale is 66.26% of the target price of $285.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

After Hours Most Active for Jul 28, 2026 : NVDA, APLD, IREN, AAPL, INTC, AMZN, KMI, F, WFC, CCL, T, BE

IREN (NASDAQ: IREN) has more secured power, while Nebius (NASDAQ: NBIS) has secured some of the industry's most valuable hyperscaler contracts. This comparison examines whether IREN's potential upside outweighs its dilution risk and whether Nebius's execution advantage justifies its demanding valuation.
Stock prices used were the market prices of July 14, 2026. The video was published on July 24, 2026.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks »
Should you buy stock in Nebius Group right now?
Before you buy stock in Nebius Group, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nebius Group wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $377,990!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,269,518!*
Now, it’s worth noting Stock Advisor’s total average return is 896% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of July 25, 2026.
Rick Orford has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Rick Orford is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Better AI Infrastructure Stock: IREN or Nebius?

Key Points
Leopold Aschenbrenner's hedge fund has been one of the top performers.
His 20% stake in Sharon AI drew a lot of attention to the stock, which is a smaller version of CoreWeave.
A quickly growing megawatt pipeline is good, but not owning the land, data centers, or power can result in higher future costs.
SharonAI Holdings (NASDAQ: SHAZ) got on more people's radars when artificial-intelligence (AI) investing genius Leopold Aschenbrenner revealed that his hedge fund owns 20% of its shares.
Aschenbrenner's Situational Awareness hedge fund returned more than 2,000% in 2025 and has more than doubled so far this year. That's why many growth investors pay attention when he makes a move.
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A small stake in SharonAI would have been enough to draw some attention, but a 20% position? SharonAI has certainly done its part for Aschenbrenner so far. It has more than doubled year to date, and further gains may be around the corner.
A power shortage play
SharonAI is a neocloud provider that leases out data center space powered by its own AI chips. This setup is very similar to CoreWeave (NASDAQ: CRWV) and enables the company to scale without building data centers from scratch.
This model lets SharonAI scale with less overhead, but not owning land can be costly in the long run. However, megawatts are extremely valuable right now, especially for neocloud providers that have their own chips. That value proposition helped SharonAI land Canva, GMI Computing, and an unnamed U.S. company as new customers in the first quarter.
The company is still small but growing quickly. Q1 results revealed that it hoped to increase data center capacity from 50 megawatts to 100 megawatts by early 2027. Meanwhile, a July press release revealed that it has 116 megawatts of contracted capacity, marking a substantial increase in a short amount of time.
Megawatt capacity is expected to be a major AI theme in the years ahead. As companies create more AI-enabled products and attract more customers, they will need more megawatts to keep up with customer demand. SharonAI is well positioned to address this bottleneck.
Comparing SharonAI to CoreWeave
CoreWeave is the main comparable to SharonAI, so it's good to assess CoreWeave's megawatt pipeline, market cap, and long-term goals. The company has more than one gigawatt of active power, roughly nine times more than SharonAI. CoreWeave's $45 billion market cap is also 18 times bigger than SharonAI's $2.5 billion market cap.
If SharonAI traded at the same valuation at CoreWeave based on contracted megawatts, the stock would have to double from its recent price of about $72. However, CoreWeave has forecast more than eight gigawatts of active power by 2030. It's an aggressive goal, but the fact that CoreWeave is pushing toward it explains the premium.
SharonAI has demonstrated that it can accumulate megawatts much faster than initial projections. Aschenbrenner seems to be betting heavily on that scenario.
Not owning land makes it riskier in the long run
Investors who like CoreWeave may also like this growth stock, but there is a significant risk in not owning the land. Landlords can charge much higher rates when it's time to renew leases. That can pressure margins, which remain a concern. SharonAI is still unprofitable at this time.
Iren (NASDAQ: IREN) and Nebius (NASDAQ: NBIS) strive to own their land, data centers, AI chips, and power. Co-location companies like Cipher Mining (NASDAQ: CIFR) and TeraWulf (NASDAQ: WULF) own their land, data centers, and power, but not AI chips.
The co-location model involves having a customer bring their own chips, while SharonAI has the chips but not the land. Aschenbrenner is well-diversified across neocloud plays, but Nebius is by far his largest position. It makes up 40% of his hedge fund's portfolio, while a little more than 6% of the fund's capital is in SharonAI.
Notably, Aschenbrenner has a larger percentage of SharonAI shares than Iren and Applied Digital (NASDAQ: APLD). This approach can work if SharonAI expands its contracted megawatts faster than anticipated and improves its margins, but it is a high-risk stock, which has become the norm in the artificial intelligence industry.
Should you buy stock in SharonAI right now?
Before you buy stock in SharonAI, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and SharonAI wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $371,519!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,281,302!*
Now, it’s worth noting Stock Advisor’s total average return is 892% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of July 25, 2026.
Marc Guberti has positions in Cipher Mining and Iren. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

AI Investing Genius Leopold Aschenbrenner Owns 20% of This AI Stock. Should You Buy It Too?

Key Points
CoreWeave leads the way in the cloud, and its challenges have dramatically lowered its valuation.
Iren's transition into the neocloud appears poised to stoke more rapid growth.
Investors hoping for millionaire-maker stocks often look to the AI trade. Investors who bought Nvidia and Palantir early made fortunes if they held, so one can understand why investors might look to this sector for the next potential multibagger.
Unfortunately, many of the more obvious names have built market caps well into the hundreds of billions (or sometimes trillions). That makes looking for a millionaire maker more difficult. Still, if one has some risk tolerance, they could find multibagger potential in these two tech stocks.
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1. CoreWeave
CoreWeave (NASDAQ: CRWV) emerged as one of the leading pure-play neocloud companies. Its $99 billion backlog points to insatiable demand for its infrastructure, and a partnership with Nvidia gives CoreWeave a competitive advantage over some peers.
That does not mean investors should dismiss CoreWeave's risks. Keeping up with demand has meant massive spending on capital expenditures (capex), while it continues to incur considerable net losses. Over the trailing 12 months, capex expenses were about $17 billion.
Also, its nearly $25 billion debt is a huge but necessary burden as the company works to address the massive backlog. Still, that debt puts CoreWeave's financial stability at risk should forecasts not come to pass.
Fortunately, a drop in demand is unlikely, as Mordor Intelligence forecasts a compound annual growth rate (CAGR) of 46% through 2031. Analysts forecast 147% revenue growth for 2026 and a 98% increase the next year, indicating CoreWeave will far exceed that CAGR.
Finally, the stock is at an opportune buy point. Its $42 billion market cap makes it smaller than many of the other major AI players. Additionally, with a price-to-sales (P/S) ratio of just 6, the valuation is prime for expansion if the growth translates into improved financials.
2. Iren
Iren (NASDAQ: IREN) is a Bitcoin miner transitioning more into the same neocloud space as CoreWeave. The fact that Iren also owns and operates numerous data centers positions it to enter the neocloud space. The company has also placed facilities near clean energy sources, enabling it to capitalize on renewable energy.
Iren was not the first mover in this market and still earns most of its revenue from Bitcoin mining. Moreover, it does not have a direct partnership with Nvidia like CoreWeave.
Nonetheless, the fact that Iren owns its facilities and locates them near energy sources bodes well for the company. Also, at around $4 billion in debt, it is less indebted than CoreWeave.
Amid a transition toward the neocloud, revenue fell 22% in fiscal Q3 (ended March 31), though analysts forecast a 44% revenue increase for the fiscal year, close to the aforementioned industry CAGR. Additionally, a forecast 302% increase in fiscal 2027 strongly indicates Iren is entering a new growth phase.
Furthermore, at a market cap of $14 billion, it is small enough that investors could benefit from outsize gains should it take off. With its 26 P/S ratio set to give way to a forward sales multiple of 5, Iren could be poised for massive gains as its neocloud transition continues.
Should you buy stock in CoreWeave right now?
Before you buy stock in CoreWeave, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and CoreWeave wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $371,519!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,281,302!*
Now, it’s worth noting Stock Advisor’s total average return is 892% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of July 25, 2026.
Will Healy has positions in CoreWeave and Iren. The Motley Fool has positions in and recommends Bitcoin, Nvidia, and Palantir Technologies. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

2 Millionaire-Maker AI Stocks to Hold for the Next Decade

Key Points
Iren stock has been volatile, but surged after securing $2.8 billion in new contracts.
Iren structures its deals to secure upfront cash payments to help fund GPUs, thereby somewhat de-risking the business.
The former Bitcoin miner looks well positioned to sustain its momentum.
It has been an up-and-down year for Iren (NASDAQ: IREN), but the stock of the neocloud operator surged 20% on July 20 after it announced $2.8 billion in new contracts. The stock has more than doubled over the past year, but has also been cut nearly in half from its highs.
The average weighted length of Iren's new contracts is four years and includes deals with hyperscalers, frontier labs, artificial intelligence (AI) developers, and enterprises. It also said that its recent arrangements include prepayments covering approximately 45% of the cost of the graphics processing units (GPUs) to be used in the deployments.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
In addition to its new contract announcements, Iren also increased its year-end AI cloud computing annual revenue run rate outlook to more than $4 billion, up from a prior target of $3.7 billion. The company is expanding aggressively. A year ago, it had a capacity of 3 megawatts, and it's expected to bring that total to 480 megawatts in 2026 and 1.2 gigawatts in 2027. Despite its growth, it said demand continues to exceed its planned capacity additions.
Is the stock a buy?
Iren is one of a handful of former Bitcoin miners that have shifted their focus toward AI data centers. While at first this shift may seem like a red flag, it actually does make a lot of strategic sense.
Cryptocurrency miners built their business around securing land for large campuses and securing power from utilities at attractive prices. After the AI boom, both of these became valuable assets, with access to cheap energy becoming a major AI data center bottleneck. Historically, Iren and others have been beholden to the price of Bitcoin, but moving to AI data centers gives them a more predictable and profitable business model.
And Iren hasn't been standing still. It acquired software and infrastructure companies, such as Mirantis, to create a fully integrated software layer and offer a full end-to-end cloud platform. And with permitted sites and power locked up in Texas and Australia, the company has a clear pathway for expansion.
Iren has also partnered with other large players in the space, including Nvidia and Microsoft. It secured a massive five-year, $3.4 billion cloud services contract directly with Nvidia to host its internal AI and research workloads. It also has a $9.7 billion, five-year deal with Microsoft, with it dedicating 200 megawatts of power to the cloud giant.
While building massive data centers is a capital-intensive business, Iren has structured its deals to secure upfront cash payments to help fund GPUs. This helps somewhat de-risk the business and makes it a speculative, but intriguing, stock to add given its momentum.
Should you buy stock in Iren right now?
Before you buy stock in Iren, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Iren wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $370,332!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,272,280!*
Now, it’s worth noting Stock Advisor’s total average return is 904% — a market-crushing outperformance compared to 208% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of July 22, 2026.
Geoffrey Seiler has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Is Iren Stock Still a Buy After It Surges 20% on New Contracts?

Key Points
Neocloud providers are still signing lucrative long-term deals for compute capacity.
If hyperscalers can meet their compute needs with in-house infrastructure, neoclouds could quickly diversify their client bases.
Meta Platforms (NASDAQ: META) has caused some angst for neocloud stockholders. The company allegedly plans to launch its own cloud business to lease access to AI computing power and AI models, and given the scale of the data centers it's constructing, it could become a serious competitor in the space.
Those concerns intensified after reports emerged that Meta Platforms and Anthropic are discussing a compute deal for up to $10 billion that would run over 2 years. No official announcements have been made, so there are no details yet about how many gigawatts such a deal could involve.
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Neither company has confirmed the talks, which were described as early-stage conversations by the unnamed source. However, it appears that Meta Platforms is serious about entering the cloud infrastructure industry, and its entry could affect key players.
Can Meta Platforms turn from the biggest customer to the biggest seller
While Meta Platforms is building a 5-gigawatt data center in Louisiana and gobbling up as much computing hardware as possible, AI demands present a challenge for the company. Many investors are wondering how it will be able to reliably sell computing power when it is buying compute heavily from other companies for its own needs.
For instance, Meta Platforms recently signed a five-year, $27 billion deal with Nebius (NASDAQ: NBIS) for additional compute.
However, Meta Platforms might have plenty of compute available within the next few years. In January, Mark Zuckerberg shared in a Threads post that he expects the company to build tens of gigawatts of AI infrastructure this decade, and "hundreds of gigawatts or more over time."
Meta Platforms still needs compute for its social networks, large language models (LLMs), and AI glasses. Since the company closed Q1 with 3.56 billion daily active users across its social networks, it has greater compute needs than almost any other company.
It's a long-term risk that may arrive too late to matter
Meta Platforms has used the copycat model to take out rival platforms like Vine and limit Snapchat's growth prospects, but it likely won't play out that way with the neoclouds. The AI industry is moving too quickly, and Meta Platforms' own compute needs will continue to grow. By the time it gets its cloud leasing business off the ground at meaningful scale, the winners of the industry may have already been decided.
Hut 8 (NASDAQ: HUT) recently announced that it had expanded an existing contract with a "high-investment-grade tenant." The updated lease has a 15-year term covering 352 megawatts. The contract's total value is $9.8 billion, averaging $653 million per year. The company's 1-gigawatt Beacon Point AI data center is poised to produce more than $1.75 billion in net operating income from its contracts.
Meta Platforms is one of several companies that fit the "high-investment-grade tenant" description. If it was Meta Platforms expanding its contract, that would be a clear signal that the social media company still needs a lot more compute than it has online, in which case it won't be in a good position to sell capacity for a while. However, if the unnamed tenant wasn't Meta Platforms, the deal still highlights something investors should pay attention to: Companies that need AI compute aren't waiting around for Meta to figure out its cloud segment.
Diversification may become more important
Meta Platforms is a hyperscaler already, and if it has enough excess compute that it can start selling some of it, it theoretically won't have to buy compute from competitors. Granted, Meta Platforms would actually have to build tens of gigawatts' worth of AI data centers this decade, but investors should consider what would happen if this scenario is realized.
The extremely pessimistic take for the neoclouds is that Meta Platforms and other hyperscalers will build enough of their own data centers to fully meet their needs, after which they will not need neoclouds like Nebius or CoreWeave. Those companies have lucrative contracts with the giants right now, but they may be renegotiated to less profitable rates or simply not renewed at all if hyperscalers have sufficient capacity within their own AI data centers.
Compute seller Iren (NASDAQ: IREN) has demonstrated that it can diversify its customer base beyond the hyperscalers. The company announced this week that it had secured $2.8 billion in new customer contracts with "leading AI developers." The number of megawatts was not specified, but the average contract length is four years.
The company now has 10 customers, including "a new leading AI developer," the name of which it may reveal in its upcoming earnings report. Iren also raised its 2026 annual recurring revenue target to over $4 billion, indicating that demand is not slowing.
Even if hyperscalers were to wind down their usage of neocloud providers, that might not be a problem for them. Neoclouds like Nebius could ink agreements to sell their critical IT load to new customers one to two years in advance, getting those commitments on the books ahead of the expirations of their current contracts. AI developers and hyperscalers have already demonstrated they are willing to wait that long for power.
With that in mind, investors shouldn't be worried about the latest headlines around Meta Platforms. If the neoclouds need to look elsewhere for customers, they should have little trouble finding them.
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Marc Guberti has positions in Iren. The Motley Fool has positions in and recommends Meta Platforms. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

How the Potential $10 Billion Compute Lease Deal Between Meta Platforms and Anthropic Affects Neocloud Stocks

IREN Limited IREN is moving beyond its Bitcoin-mining roots and building an identity around AI cloud services and data-center infrastructure. New contracts, secured power and a wider construction pipeline are giving investors a clearer view of how AI could become the company’s main earnings engine.
The market has rewarded the story, but the ride remains rough. IREN shares were up nearly 19.5% from the prior session on July 20 after the company announced $2.8 billion of new multiyear AI cloud contracts and lifted its year-end 2026 annualized AI cloud revenue target.
Over the past year, IREN shares have climbed strongly, although recent trading has shown sharp swings as investors weigh capital needs, dilution and execution risk. Over comparable trailing periods, TeraWulf Inc. WULF and Applied Digital Corporation APLD have also delivered large gains, highlighting the enthusiasm surrounding the crypto operators moving into AI infrastructure.
One-Year Price Performance
Image Source: Zacks Investment Research
IREN now sits at an important stage. Management must convert contracted capacity into live revenues while funding a very large buildout. That creates a mix of strong growth potential and meaningful risk. The next few quarters should show whether IREN can turn its growing AI pipeline into durable cash flow and justify the market’s expectations.
AI Contracts Are Changing IREN's Revenue Mix
The strongest part of the investment case is the speed of IREN’s commercial progress. In May, the company announced a five-year, $3.4 billion AI cloud contract with NVIDIA NVDA. The agreement covers managed cloud services using Blackwell systems deployed across roughly 60 megawatts at its Childress campus.
IREN subsequently added $2.8 billion of multiyear contracts with AI developers and raised its year-end 2026 AI cloud annualized run-rate revenue target from $3.7 billion to more than $4 billion. About 85% of that target is now under contract, while the customer list includes Microsoft, NVIDIA, Perplexity and several AI software developers.
This suggests IREN is no longer selling only a distant plan. AI cloud revenues reached $33.6 million in the March-end quarter, almost doubling sequentially, while Bitcoin-mining revenues fell as equipment was retired to make room for GPU deployments. Management described the quarter as part of a deliberate transition toward the higher-value AI cloud market.
Power and Construction Scale Offer an Advantage for IREN
IREN said that it has assembled 5 gigawatts of secured power across North America and Europe, with additional development opportunities in Australia. It plans to deliver 480 megawatts of AI cloud capacity during 2026 and expand to roughly 1.2 gigawatts in 2027.
Its existing mining facilities may provide an additional advantage. Some can be converted for air-cooled GPUs faster and at a lower cost than building entirely new liquid-cooled data centers. This could help IREN bring computing capacity to market while supply remains tight.
Funding Needs and Execution Risks Remain High for IREN
The main concern is the cost of delivering the plan. IREN reported $2.6 billion of cash as of April 30, and preliminary cash and equivalents of about $7.6 billion as of June 30, including restricted funds connected with GPU financing. Recent customers are also providing prepayments equal to roughly 45% of associated GPU spending.
Even so, the full expansion will require considerable capital. Additional borrowing, equity issuance or partner funding could reduce future shareholder returns.
The latest results also showed the near-term cost of the pivot. Quarterly revenues were $144.8 million, adjusted EBITDA was $59.5 million, and the company recorded a $247.8 million net loss, partly because of noncash mining-equipment impairments.
IREN may have a large contracted AI cloud opportunity, but its valuation is increasingly based on capacity that has not yet been fully commissioned. Construction delays, weaker pricing or higher financing costs could therefore produce another sharp stock correction.
IREN's Estimates and Valuation
Estimates for IREN’s 2026 and 2027 earnings have remained unchanged in the past 30 days. However, the company is expected to report a profit in the next year.
Image Source: Zacks Investment Research
On an enterprise-value-to-sales basis, IREN appears cheaper than both TeraWulf and Applied Digital. IREN trades at about 16.05 times trailing sales compared with roughly 25.54 times for Applied Digital and 57.00 times for TeraWulf. All three multiples remain high because investors are valuing future AI capacity that has not yet fully contributed to reported revenues. IREN’s lower multiple offers some relative valuation support, but it does not make the stock inexpensive in absolute terms.
Valuation
Image Source: Zacks Investment Research
Investment View: Hold IREN for Now
IREN’s AI pivot has moved from an attractive idea to a credible growth platform backed by major customers, expanding capacity and valuable power assets. The NVIDIA relationship, rising contracted revenues and rapid cloud buildout support a positive long-term view.
However, the stock already reflects strong execution expectations, while construction delays, customer concentration, funding needs and possible dilution remain important risks. Current shareholders can reasonably stay invested while watching contract conversion, margins and cash requirements. New investors may be better served waiting for a calmer entry point or clearer evidence of recurring profitability.
At present, IREN carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	122.43 36.12
Price/Sales	16.99 2.85
P/B	4.03 3.22
P/FCF	0.00 24.31

Indicator	TTM Median
ROE	6.44 13.64
ROA	2.96 6.48
ROI	3.28 9.83
Net Worth	14.46 1.05
Quick Ratio	0.00 1.56
Current Ratio	3.72 1.89

Indicator	TTM Median
Net Profit Margin	21.00 9.60
Operating Margin	67.90 10.19
Gross Margin	63.66 50.00
Return on tangible equity	6.59 24.75

Indicator	TTM Median
EPS	0.09 0.30
EPS Forecast	-0.09 0.24
Revenue	145.00M 74.00M
Gross Profit	105.00M —
EBITDA	31.00M —

IREN Limited

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