IREN Limited

Сильный индекс, незначительно вырос. Быки крепко уверены в своих позициях.

Strong index, slightly up. The bulls are very confident in their positions.

Сильный индекс, без изменений. Рынок не поддерживает быков.

Strong index, flat. The market does not support the bulls.

Сильный индекс, значительно упал. Отток средств из лонгов на высоком уровне.

Strong index, significantly down. Outflow of funds from longs at a high level.

The S&P 500 Index ($SPX) (SPY) is down by -0.57% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.30%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.71%. December E-mini S&P futures (ESZ26) are down -0.58%, and December E-mini Nasdaq futures (NQZ26) are down -1.54%.
Stock indexes are mostly lower today, with the S&P 500 falling to a 2-week low and the Nasdaq 100 dropping to a 3.5-week low. The broader market is under pressure today as the rout in chipmakers and AI-infrastructure stocks spreads globally, with South Korea’s Kospi Index sinking more than -7% and China’s Shanghai Composite falling to a 14-month low. Today’s drop in chipmakers followed Anthropic PBC's disclosure of $16.8 billion in Q3 growth to prospective investors, figures that suggest growth has slowed even as it remains robust.
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Stocks extended their losses today on rising US producer price pressures after the Sep PPI final demand rose +6.3% y/y, stronger than expectations of +5.4% y/y and the most in 3.75 years. Also, Sep PPI ex-food and energy rose +5.0% y/y, stronger than expectations of +4.4% y/y and the most in more than 3.5 years.
Other US economic news today was mixed, with Sep retail sales and the Oct Empire manufacturing survey rising more than expected and weekly jobless claims near expectations. However, the Oct Philadelphia Fed business outlook survey fell more than expected.
On the positive side, the slump in global equity markets has sparked a rally in government bond markets, knocking yields lower. The 10-year German Bund yield fell to a 5-week low today of 3.35%, and the 10-year T-note yield fell to a 3-week low of 5.04%. Also, investors rotating out of chip stocks into software companies and defensive pharmaceuticals stocks are lifting the Dow Jones Industrials.
US weekly initial unemployment claims rose by +1,000 to 199,000, close to expectations of 200,000.
US Sep retail sales rose +0.8% m/m, stronger than expectations of +0.3% m/m, and Sep retail sales ex-autos rose+0.9% m/m, stronger than expectations of +0.5% m/m.
The US Oct Philadelphia Fed business outlook survey fell by -16.9 to 20.9, weaker than expectations of 28.0.
The US Oct Empire manufacturing survey of general business conditions rose +17.9 to a 4.75-year high of 25.5, stronger than expectations of 12.0.
Stocks and bonds got some support today after San Francisco Fed President Mary Daly said she thinks rate hikes are likely needed, just not immediately, and that she would hold interest rates steady at the October 27-28 FOMC meeting.
Stocks have support from the prospect of solid quarterly earnings results starting this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of today, 32 of the S&P 500 companies have reported results, with 78% beating estimates.
Nov WTI crude oil prices (CLX26) are up +0.20% today. Crude prices are supported by risks to global oil supplies as Yemen's Houthi rebels continue drone and missile attacks across Saudi Arabia, including energy infrastructure. Also, Iranian attacks on shipping attempting to transit the Strait of Hormuz have increased in recent weeks, threatening a rebound in energy supplies from the Middle East. However, today’s selloff in global equity markets is curbing demand for risk assets, including crude.
Markets are discounting a 29% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.62%. China's Shanghai Composite fell to a 14-month low and closed down -1.59%. Japan's Nikkei-225 Stock Average dropped to a 4-week low and closed down sharply by -4.90%.
Interest Rates
December 10-year T-notes (ZNZ6) are up by +23 ticks today. The 10-year T-note yield is down -12.5 bp to 5.060%. Dec T-notes rallied to a 3-week high today, and the 10-year T-note yield fell to a 3-week low of 5.041%. Today’s selloff in global equity markets has boosted safe-haven demand for T-notes. Also, dovish comments from San Francisco Fed President Mary Daly were bullish for T-notes when she suggested she would support holding interest rates steady at the October 27-28 FOMC meeting.
Hawkish US economic news is limiting gains in T-notes after US Sep producer prices and Sep retail sales rose more than expected, and the Oct Empire manufacturing survey's general business conditions rose to a 4.75-year high.
European government bond yields are moving lower today. The 10-year German bund yield fell to a 5-week low of 3.353% and is down -10.7 bp to 3.359%. The 10-year UK gilt yield fell to a 1.5-week low of 5.301% and is down -11.3 bp to 5.312%.
Eurozone Aug industrial production fell -0.5% m/m, weaker than expectations of no change and the biggest decline in 7 months.
ECB Governing Council member Martins Kazaks said the ECB can afford to take its time adjusting interest rates, despite persistent energy price rises that are set to keep consumer price growth elevated, as the recent surge in government bond yields may start to weigh on economic activity.
UK Aug manufacturing production rose +1.2% m/m, stronger than expectations of no change and the largest increase in 9 months.
Markets are discounting an 11% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks are falling today on demand concerns after Anthropic disclosed Q3 revenue growth that likely slowed from the previous quarter. The iShares Semiconductor ETF (SOXX) is down more than -3% at a 1-month low. SanDisk (SNDK) and Seagate Technology Holdings Plc (STX) are down more than -7%, and Intel (INTC), Lam Research (LRCX), and Western Digital (WDC) are down more than -6%. Also, Advanced Micro Devices (AMD), Applied Materials (APLD), and Marvell Technology (MRVL) are down more than -5%, and KLA Corp (KLAC) and Micron Technology (MU) are down more than -4%.
Cryptocurrency-exposed stocks are falling today, with Bitcoin (^BTCUSD) down more than -2% at a 3.5-week low. Iren Ltd (IREN) is down more than -10%, and Galaxy Digital Holdings (GLXY) and Riot Platforms (RIOT) are down more than -8%. Also, MARA Holdings (MARA) and BitMine Immersion Technologies (BMNR) are down more than -6%, and Robinhood Markets (HOOD) and Strategy (MSTR) are down more than -5%. In addition, Coinbase Global (COIN) is down more than -3%, and Circle Internet Group (CRCL) and Bullish (BLSH) are down more than -2%.
Cloud infrastructure stocks are under pressure today on debt concerns after credit-default swaps have priced in a more than 50% chance that CoreWeave could default on its debt within the next five years. Nebius Group NV (NBIS) and Lumentum Holdings (LITE) are down more than -8%, and CoreWeave (CRWV) is down more than -6%. Also, Arista Networks (ANET) and Applied Digital (APLD) are down more than -5%.
Software stocks are climbing today as investors rotate out of chip stocks into software. Intuit (INTU) is up more than +5% to lead gainers in the Nasdaq 100, and Autodesk (ADSK) is up more than +4%. Also, Workday (WDAY) and Adobe Systems (ADBE) are up more than +3%, and Salesforce (CRM) and Thomson Reuters (TRI) are up more than +2%. In addition, IBM (IBM) and ServiceNow (NOW) are up more than +1%.
Defensive pharmaceutical stocks are climbing today amid the broader market slump. Amgen (AMGN), Eli Lilly (LLY), Gilead Sciences (GILD), and Vertex Pharmaceuticals (VRTX) are up more than +3%, and Biogen (BIIB), Merck & Co (MRK), Alnylam Pharmaceuticals (ALNY), and Regeneron Pharmaceuticals (REGN) are up more than +2%. Also, Pfizer (PFE) is up more than +1%.
FMC Corp (FMC) is down more than -34% after cutting its Q3 adjusted Ebitda forecast to a loss of -$510 million to -$565 million, after previously expecting a profit of$120 million to $140 million.
Rocket Lab (RKLB) is down more than -13% to lead losers in the Nasdaq 100 after announcing that it will delay the launch of its inaugural Neutron medium-lift rocket until sometime in 2027.
Penske Automotive Group (PAG) is up more than +8% after entering a deal to be taken private for $212 a share in cash by Penske Corporation and Mitsui.
International Paper (IP) is up more than +5% to lead gainers in the S&P 500 after the Financial Times reported private equity firms Lone Star and Atlas Holdings are exploring bids to acquire the company.
Walmart (WMT) is up more than +3% after Deutsche Bank upgraded the stock to buy from hold with a price target of $136.
Kimberly-Clark (KMB) is up more than +3% after reporting preliminary Q3 net sales of $4.13 billion, above the consensus of $4.10 billion.
Commercial Metals (CMC) is up more than +2% after reporting Q4 net sales of $2.66 billion, better than the consensus of $2.54 billion.
Earnings Reports (10/15/2026)
Alcoa Corp (AA), Bank of New York Mellon Corp/The (BNY), Charles Schwab Corp/The (SCHW), First Horizon Corp (FHN), Interactive Brokers Group Inc (IBKR), JB Hunt Transport Services Inc (JBHT), Marsh & McLennan Cos Inc (MRSH), PNC Financial Services Group Inc (PNC), Prologis Inc (PLD), US Bancorp (USB).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart

Stocks Pressured as Chipmaker Selloff Deepens

The S&P 500 Index ($SPX) (SPY) closed down by -1.11% on Wednesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.09%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.02%. December E-mini S&P futures (ESZ26) fell -1.16%, and December E-mini Nasdaq futures (NQZ26) fell -2.10%.
Stock indexes sold off sharply on Wednesday, with the S&P 500 falling to a 1.5-week low and the Nasdaq 100 dropping to a 3.5-week low. Inflation woes dampened market sentiment and sparked stock liquidation on Wednesday after US September consumer prices rose more than expected, reinforcing speculation that the Fed will keep interest rates higher for longer amid sticky price pressures. The chance of a 25 bp Fed rate hike at this month’s FOMC meeting rose to 37% from 22% before the CPI report. Also, the rout in chipmakers continued Wednesday, weighing on the overall market.
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Wednesday’s broader market slump sparked defensive buying of health care and pharmaceutical stocks, limiting losses in the Dow Jones industrials.
US Sep CPI rose +3.7% y/y, stronger than expectations of +3.6% y/y. Sep core CPI rose +2.6% y/y, stronger than expectations of 2.5% y/y.
The Fed Beige Book was hawkish, noting that a majority of the twelve Fed districts in the six weeks through October 5 reported economic growth, and half saw robust or intensifying price pressures.
Stocks and bonds garnered some support Wednesday on comments from Fed Vice Chair Michelle Bowman, who signaled she favors keeping Fed policy steady at this month's FOMC meeting when she said, "We have some time to wait and see how financial conditions and the economy evolve before we decide that we need to take any more action" on interest rates.
US MBA mortgage applications fell -2.7% in the week ended October 9, with the purchase mortgage sub-index down -4.0% and the refinancing mortgage sub-index down -0.4%. The average 30-year fixed-rate mortgage rose +1 bp to a 2.75-year high of 7.50% from 7.49% the prior week.
China's trade news was better than expected, supporting global growth prospects. China's Sep exports rose +36.3% y/y, stronger than expectations of +25.7% y/y and the most in 7 months. Sep imports rose +31.0% y/y, stronger than expectations of +25.0% y/y.
Stocks have support from the prospect of solid quarterly earnings results starting this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%.
Nov WTI crude oil prices (CLX26) closed up more than +1% on Wednesday as Yemen's Houthi rebels launched multiple drone and missile attacks across Saudi Arabia, including energy infrastructure. Also, Iranian attacks on shipping attempting to transit the Strait of Hormuz have increased in recent weeks, threatening a rebound in energy supplies from the Middle East.
Markets are discounting a 37% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled mixed on Wednesday. The Euro Stoxx 50 closed up +0.38%. China's Shanghai Composite closed down -0.89%. Japan's Nikkei-225 Stock Average closed down -0.05%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +4.5 ticks on Wednesday. The 10-year T-note yield fell -2.5 bp to 5.183%. T-note prices recovered from early losses on Wednesday and settled higher as a slump in equity markets fueled short-covering in T-notes. Also, dovish comments on Wednesday from Fed Vice Chair Bowman were bullish for T-notes when said she sees no urgent need for the Fed to raise interest rates.
T-notes initially retreated on Wednesday on the stronger-than-expected US Sep CPI report, which boosted the chance of a Fed rate hike later this month to 37% from 22% before the report. Also, Wednesday’s +1% increase in WTI crude oil has raised inflation expectations and is bearish for T-notes. In addition, the Fed Beige Book was negative for T-notes, noting intensifying price pressures in more than half of the Fed’s districts.
European government bond yields moved lower on Wednesday. The 10-year German bund yield fell -0.3 bp to 3.466%. The 10-year UK gilt yield fell -2.3 bp to 5.424%.
The German Sep wholesale price index rose +8.7% y/y from +6.8% y/y in Aug, the strongest pace of increase in nearly 3.5 years.
Markets are discounting a 12% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks sold off Wednesday, weighing on the overall market. The iShares Semiconductor ETF (SOXX) fell to a 3.5-week low and closed down more than -4%. CoreWeave closed down more than -15% to lead losers in the Nasdaq 100, and Lumentum Holdings (LITE) closed down more than -8%. Also, Marvell Technology (MRVL) closed down more than -7%, and ARM Holdings Plc (ARM) closed down more than -6%. In addition, Advanced Micro Devices (AMD) and SanDisk (SNDK) closed down more than -5%, and Lam Research (LRCX), Seagate Technology Holdings Plc (STX), Microchip Technology (MCHP), Intel (INTC), and Western Digital (WDC) closed down more than -4%.
The Magnificent Seven technology stocks fell on Wednesday, weighing on the broader market. Nvidia (NVDA) and Meta Platforms (META) closed down more than -3%, and Tesla (TSLA) closed down more than -2%. Also, Alphabet (GOOGL), Amazon.com (AMZN), and Microsoft (MSFT) closed down more than -1%. Bucking the trend, Apple (AAPL) closed up +0.50%.
Cybersecurity stocks weakened on Wednesday, weighing on the overall market. Cloudflare (NET) and Okta (OKTA) closed down more than -6%, and Palo Alto Networks (PANW) closed down more than -5%. Also, Crowdstrike Holdings (CRWD) and SentinelOne (S) closed down more than -4%, and Fortinet (FTNT) and Zscaler (ZS) closed down more than -3%.
Cryptocurrency-exposed stocks fell on Wednesday after Bitcoin (^BTCUSD) fell more than -1%. Iren Ltd (IREN) closed down more than -12%, and MARA Holdings (MARA) and Riot Platforms (RIOT) closed down more than -9%. Also, Galaxy Digital Holdings (GLXY) and Robinhood Markets (HOOD) closed down more than -8%, and Circle Internet Group (CRCL), BitMine Immersion Technologies (BMNR), and Strategy (MSTR) closed down more than -5%. On addition, Coinbase Global (COIN) and Bullish (BLSH) closed down more than -4%.
Health insurance stocks moved higher on Wednesday as a defensive play amid the broader market rout. UnitedHealth Group (UNH) closed up more than +4% to lead gainers in the S&P 500 and Dow Jones Industrials. Also, CVS Health Corp (CVS), Cardinal Health (CAH), and United Health Services (UHS) closed up more than +3%, and HCA Healthcare (HCA) and the Cigna Group (CI) closed up more than +2%. In addition, Centene (CNC) and Humana (HUM) closed up more than +1%.
Defensive pharmaceutical stocks rallied on Wednesday amid the broader market slump. Amgen (AMGN), Eli Lilly (LLY), Gilead Sciences (GILD), Merck & Co (MRK), Pfizer (PFE), and Regeneron Pharmaceuticals (REGN) closed up more than +3%, and Vertex Pharmaceuticals (VRTX) closed up more than +2%.
Dell Technologies (DELL) closed down more than -11% to lead losers in the S&P 500 , Hewlett Packard Enterprise (HPE) closed down more than -8%, and NetApp (NTAP) closed down more than -6% after Barclays downgraded the stocks to equal weight from overweight.
Bank of America (BAC) closed down more than -4% after reporting Q3 equities trading revenue ex-DVA of $2.51 billion, weaker than the consensus of $2.63 billion.
State Street (STT) closed down more than -3% after reporting Q3 revenue of $4.00 billion, weaker than the consensus of $4.04 billion.
Progressive (PGR) closed down more than -3% after reporting Q3 net premiums written of $22.30 billion, below the consensus of $22.50 billion.
Liquidia (LQDA) closed up more than +27% after reaching a global settlement resolving all pending litigation with United Therapeutics.
Earnings Reports (10/15/2026)
Alcoa Corp (AA), Bank of New York Mellon Corp/The (BNY), Charles Schwab Corp/The (SCHW), First Horizon Corp (FHN), Interactive Brokers Group Inc (IBKR), JB Hunt Transport Services Inc (JBHT), Marsh & McLennan Cos Inc (MRSH), PNC Financial Services Group Inc (PNC), Prologis Inc (PLD), US Bancorp (USB).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Sharply Lower on Inflation Woes and Slumping Chipmakers

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in JPMorgan Chase & Co (Symbol: JPM), where a total volume of 54,328 contracts has been traded thus far today, a contract volume which is representative of approximately 5.4 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 62.6% of JPM's average daily trading volume over the past month, of 8.7 million shares. Especially high volume was seen for the $350 strike call option expiring October 16, 2026, with 2,567 contracts trading so far today, representing approximately 256,700 underlying shares of JPM. Below is a chart showing JPM's trailing twelve month trading history, with the $350 strike highlighted in orange:
Madison Square Garden Sports Corp (Symbol: MSGS) saw options trading volume of 1,950 contracts, representing approximately 195,000 underlying shares or approximately 62.2% of MSGS's average daily trading volume over the past month, of 313,670 shares. Particularly high volume was seen for the $430 strike call option expiring November 20, 2026, with 1,837 contracts trading so far today, representing approximately 183,700 underlying shares of MSGS. Below is a chart showing MSGS's trailing twelve month trading history, with the $430 strike highlighted in orange:
And IREN Ltd (Symbol: IREN) saw options trading volume of 216,216 contracts, representing approximately 21.6 million underlying shares or approximately 57.7% of IREN's average daily trading volume over the past month, of 37.5 million shares. Especially high volume was seen for the $36 strike call option expiring October 16, 2026, with 15,523 contracts trading so far today, representing approximately 1.6 million underlying shares of IREN. Below is a chart showing IREN's trailing twelve month trading history, with the $36 strike highlighted in orange:
For the various different available expirations for JPM options, MSGS options, or IREN options, visit StockOptionsChannel.com.
Further JPM Research:

Noteworthy Monday Option Activity: JPM, MSGS, IREN

Iren Limited (NASDAQ:IREN) shares jumped 10.1% last month, according to data provided by S&P Global Market Intelligence. There's good reason to believe the move higher may continue.
The artificial intelligence (AI) infrastructure company reported fiscal year 2026 results on Aug. 27, sending the stock marching higher over the next month. Here's why Iren might be the one neocloud stock that investors want to own.
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 »
Image source: The Motley Fool.
Pushback on data centers
Iren can be viewed as one beneficiary of the public pushback on new data centers. While the company is itself working to expand development of data centers both inside and outside of the U.S., Iren's advantage is that it has a large amount of existing capacity.
That's because Iren didn't start as an AI neocloud provider. It has had compute centers operating to mine Bitcoin for about the past eight years. Iren began active Bitcoin mining operations in 2019. It has more recently begun transitioning those sites to lease for AI compute needs. The company is quickly signing up customers for that capacity.
In its latest earnings report, Iren said it signed a new multi-year AI Cloud agreement with a prominent frontier AI lab. That is in addition to other recent signings to lease its capacity. Iren also continues to expand and renew contracts with existing customers, including tech giant Microsoft.
While other data center plans have faced protests from local communities and even at the state level, Iren is building its backlog using existing capacity. Yet Iren shares haven't moved much year-to-date.
Revenue is exploding
While the company was operating at about a $1 billion annualized revenue run rate (ARR) as of Aug. 26, it expects to be operating at more than quadruple that with existing contracts by the end of the year.
Demand continues to strengthen as well, which is supporting price increases. Iren says that pricing for three-year and five-year contracts has jumped by 125% and 70%, respectively, in recent months.
It is also expanding capacity at active, existing sites, both domestically and abroad. That should insulate Iren somewhat from the ongoing public backlash on data center development.
Its development pipeline beyond announced sites may face headwinds, depending on how data center moratoriums and public disapproval evolve. But with a recent market cap of about $15.25 billion, Iren's stock is trading at a reasonable valuation. Even if overall data center growth is forced to slow down, Iren is in an enviable position relative to other neocloud providers that need to build capacity in the near term.
That helps explain why investors bid up shares by more than 10% last month and why it could have more room to run.
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 $361,650!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,437,517!*
Now, it’s worth noting Stock Advisor’s total average return is 936% — a market-crushing outperformance compared to 213% 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 October 5, 2026.
Howard Smith has positions in Iren and Microsoft. The Motley Fool has positions in and recommends Bitcoin and Microsoft. The Motley Fool has a disclosure policy.

What Caused the Surge in Iren's AI Neocloud Stock in September?

Key Points
Permits, power, and public protests are three barriers for any company that wants to build data centers.
These obstacles increase the value of data center providers that have already constructed their sites or received approval for current projects.
AI demand is going parabolic, and delays in AI data center constructions can increase the price per megawatt of available facilities.
Artificial intelligence (AI) stock investors recently learned a French term after Oracle (NYSE: ORCL) issued a "force majeure" notice to Blue Owl Capital (NYSE: OWL) regarding Oracle's $165 billion data center project. This is a request from Oracle to pause rent payments if the project is delayed beyond 2028, but it is up to Blue Owl Capital to honor that request or challenge it in court.
Oracle said its 2.45-gigawatt New Mexico facility remains on track for completion in 2028 but flagged New Mexico's challenging regulatory environment as an obstacle to revenue recognition.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
Neocloud and colocation providers with existing infrastructure have an edge
Oracle's force majeure shows how complicated it is to secure power and permits while achieving local acceptance. While the White House has a clear-as-day pro-AI stance, building AI data centers still involves many headaches.
That ultimately places more value on existing AI infrastructure, which is good for stocks like Nebius Group and Iren. Colocation providers like Cipher Digital and TeraWulf also benefit, as they are already building data centers.
With AI demand continuing to surge and more roadblocks for data centers appearing, the annual value of a megawatt may continue to rise. Nebius says it's securing short-term deals above $40 million per megawatt, while the annual value of a megawatt was just $12 million at the start of the year.
New competitors have a more difficult path to entry
Many companies are building data centers, but not all of those sites will be completed. Even a tech giant like Oracle is nervous about legal obstacles that could slow its progress, and not every operator has Oracle's capital.
Between April and June, 45 data center projects were blocked or delayed due to public opposition. Research group Data Center Watch found that this affected $68 billion worth of projects. Negative public sentiment is a real obstacle that future projects will have to deal with.
Iren appears to be doing the most to win the good graces of the public. It is sponsoring the City of Badajoz Academy basketball team in Spain. That's relevant since Iren has a 300-megawatt data center project in Badajoz. Iren also secured a sponsorship with the NBA's Golden State Warriors to appear in front of more tech executives, which may strengthen the company's public image.
Oracle's recent move demonstrated that many factors are outside a data center builder's control. Companies that have already received approval to build data centers may appreciate meaningfully in the future.
Should you buy stock in Oracle right now?
Before you buy stock in Oracle, 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 Oracle 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 $383,680!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,382,954!*
Now, it’s worth noting Stock Advisor’s total average return is 937% — a market-crushing outperformance compared to 214% 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 September 26, 2026.
Marc Guberti has positions in Cipher Digital and Iren. The Motley Fool has positions in and recommends Oracle. The Motley Fool has a disclosure policy.

Here's How Oracle's "Force Majeure" Changes the AI Data Center Thesis

Key Points
Morgan Stanley projects capex at the five largest U.S. tech companies to reach $1.4 trillion in 2028.
Iren has the assets to become a leading AI cloud provider, with analysts projecting a massive jump in profitability in three years.
Vertiv sees revenue growing at least 20% annually through 2030, with analysts expecting 38% annualized earnings growth.
Some of the largest tech companies are investing heavily in building data centers to meet the insatiable demand for artificial intelligence (AI) services. Morgan Stanley expects capital spending by the top hyperscalers to reach $1.4 trillion by 2028.
Investors can still find attractively valued stocks that could soar over the next several years. Two data center stocks that appear reasonably priced relative to their growth potential are Iren (NASDAQ: IREN) and Vertiv (NYSE: VRT).
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
1. Iren: A vertically integrated AI cloud
Shares of Iren have surged more than 1,000% over the past three years, and it's not hard to see the stock continuing to push to new highs. Iren is building an artificial intelligence (AI) cloud platform from the ground up: It owns the land, controls the power, and uses in-house construction and engineering teams to build its facilities. These assets are hard to replicate. Iren also recently completed the acquisition of Mirantis, adding software capabilities to complement its data center hardware.
Iren isn't just building data centers. The Mirantis deal shows Iren is positioning to become a leading AI cloud infrastructure provider over the long term -- and that ambition still isn't reflected in the stock's $19 billion market value.
The company is currently at $1 billion in annualized revenue, with management guiding to $4 billion by the end of 2026. Contract pricing for capacity is also moving higher. Recent three-year contracts have cleared more than $20 million of revenue per IT megawatt, with current discussions pointing to $25 million per megawatt.
Iren has a pipeline of more than 5 gigawatts, which translates into tens of billions in long-term revenue potential. It just delivered the first of four 50-megawatt liquid-cooled units to Microsoft as part of a previously announced five-year, $9.7 billion deal from October 2025. The next deployments are expected in the fourth quarter of 2026.
That first delivery validates Iren's ability to execute complex projects -- a must-have capability in today's market. It also reinforces the strength of Iren's vertically integrated approach, which could help it build faster, hit timelines, and win more large-scale contracts.
Wall Street analysts expect adjusted operating profit to reach $10.7 billion by fiscal 2029. Against an enterprise value (market cap plus net debt) of about $19 billion, the stock looks cheap. Investors who are able to hold through near-term volatility could be rewarded.
2. Vertiv: A leader in power management and cooling
Vertiv helps data centers manage power usage and keep chips running efficiently with advanced cooling systems, including liquid cooling. The company's revenue growth has strengthened over the past three years, pushing the stock up 596%.
As server racks draw more power and generate more heat, Vertiv can sell more equipment to each data center. Over time, that can translate into higher revenue per build-out -- and stronger margins as demand shifts toward more complex, higher-value systems.
In the recent quarter, revenue grew 24% year over year, with adjusted operating profit margin above 22%. Management is seeing a strong data center market that's expanding geographically, with smaller frontier AI labs maturing into larger customers with bigger spending budgets. These trends support Vertiv's growth outlook.
That backdrop is why management now guides for long-term annualized revenue growth of 20% to 22% through 2030, up from its prior 12% to 14% outlook. It also expects adjusted operating margin to improve to at least 27%, which would drive faster earnings growth.
Management's confidence reflects broad demand -- from individual products like switchgear to full-system designs through offerings like OneCore and SmartRun. That end-to-end footprint can deepen customer relationships and increase long-term stickiness.
Wall Street expects long-term earnings growth of 38% annually. If that plays out, investors could see strong returns even with the stock trading at around a forward price-to-earnings multiple of 37.
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 $386,781!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,379,943!*
Now, it’s worth noting Stock Advisor’s total average return is 936% — a market-crushing outperformance compared to 213% 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 September 26, 2026.
John Ballard has positions in Iren. The Motley Fool has positions in and recommends Microsoft and Vertiv. The Motley Fool has a disclosure policy.
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 Data Center Stocks That Could Help Make You a Fortune

Key Points
IREN stock has run up significantly over the past two years as it pivots from Bitcoin mining to providing AI cloud services.
Last year, it announced a five-year, $9.7 billion deal with Microsoft.
The company is spending significantly to expand its capacity.
Artificial intelligence has been fueling massive demand for both compute and power, and Bitcoin miners have been taking advantage. These companies own the infrastructure to handle demanding workloads, and as AI capacity remains scarce, miners have been pivoting their infrastructure toward this rapidly growing market.
IREN (NASDAQ: IREN) is one of them. The company started exploring an AI pivot in 2024. Investors have taken notice, and IREN shares are up 414% over the past two years. After such a monster run, is it too late to buy IREN? Let's dive into the company and its long-term outlook to find out.
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 »
IREN's pivot from Bitcoin mining to an AI cloud service provider
Founded in 2018 as Iris Energy, IREN began its journey as a renewable-powered Bitcoin miner. Bitcoin mining and AI workloads require massive amounts of energy capacity. These workloads also require high-power-density data center infrastructure, including next-gen graphics processing unit (GPU) clusters and advanced cooling solutions.
IREN owns about 5 gigawatts (GW) of grid-connected power capacity across North America, Europe, and Asia, and more is in development. The company is already connected to the power grid, which is a major advantage. In addition, the company has over 150,000 GPUs installed or on order. Its infrastructure puts the company in a prime position to meet hyperscalers' compute and power needs right now.
In July 2024, the company laid out how it could monetize its Bitcoin mining assets to meet AI compute needs. Since then, IREN has leveraged its assets and secured firm commitments from major technology companies.
IREN's major agreement with Microsoft
On Nov. 3, 2025, IREN announced a massive $9.7 billion cloud contract with Microsoft. As part of the deal, IREN will deliver large-scale GPU clusters in its Childress, Texas data centers. The five-year contract includes a 20% prepayment and is projected to contribute $1.94 billion in annualized revenue run rate (ARR) at an 85% EBITDA margin once fully commissioned.
In addition, IREN closed out its 2026 fiscal year (ending June 30, 2026) with $4 billion of ARR contracted for its current capacity. This includes new multi-year contracts with AI labs and developers like Cohere, Prometheus, Perplexity, Figure AI, Fal AI, and Higgsfield AI. It projects that its ARR will continue to grow as more compute comes online.
Is IREN a buy?
According to IREN, structural compute shortages have pushed three-year contract pricing up by roughly 125% and five-year rates up 70%. Under current pricing, management estimates that compute hardware investments will pay back in approximately two years.
Despite its surge in recent years, IREN stock is down 40% from its 52-week high as investors scrutinize the massive spending and debt load around the broader AI build-out. IREN is guiding to $25 billion to $30 billion in capital expenditures for fiscal year 2027, including GPUs, construction, and long-lead infrastructure.
Given the risks, IREN stock suits aggressive investors who believe that GPU prices will remain firm and that the AI cloud provider can succeed in turning its assets into cold, hard profits.
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 $386,781!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,379,943!*
Now, it’s worth noting Stock Advisor’s total average return is 936% — a market-crushing outperformance compared to 213% 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 September 25, 2026.
Courtney Carlsen has positions in Iren and Microsoft. The Motley Fool has positions in and recommends Microsoft. The Motley Fool has a disclosure policy.

Is It Too Late to Buy IREN Stock After Its Monster Run?

Key Points
Applied Digital is rapidly scaling high-performance computing infrastructure with its flagship campuses fully contracted to major artificial intelligence players.
IREN is executing an aggressive pivot from cryptocurrency mining to high-value AI cloud services backed by multi-billion dollar hyperscale contracts.
Which of these high-growth data center infrastructure providers offers the best balance of risk and reward for your portfolio?
As the race for artificial intelligence infrastructure intensifies, investors are looking for the next big winner. Should you bet on Applied Digital (NASDAQ:APLD) or IREN (NASDAQ:IREN) for your portfolio?
Both companies are evolving from legacy crypto roots into powerhouse providers of high-performance computing and data center services. While they share a similar mission of powering the AI revolution, their contract structures and growth trajectories differ significantly. This comparison breaks down their financials and business models to help you decide which stock fits your strategy.
The case for Applied Digital
In its latest annual report, Applied Digital highlighted its design and operation of digital infrastructure for AI and cloud workloads, positioning it among tech stocks focused on North American data centers. The company primarily focuses on its AI Factory campuses, where the flagship Polaris Forge 1 site is fully contracted to CoreWeave (NASDAQ:CRWV). Customer concentration like this adds a layer of risk to the business, as a single entity drives a huge portion of revenue.
In FY 2026, revenue reached nearly $611.3 million, representing growth of roughly 183.7% compared to the previous year. This massive surge was driven by the expansion of its high-performance computing segments. The company reported a net loss of close to $244.0 million, resulting in a negative net margin of approximately 39.9%, a metric that shows what percentage of revenue remains as profit after all expenses.
As of its May 2026 balance sheet, the current ratio is 4.0x, indicating the company has four dollars in current assets for every one dollar in short-term liabilities. The debt-to-equity ratio, which compares total debt to shareholder equity, is roughly 2.9x. Note that stock-based compensation represented roughly 245.5% of operating cash flow, meaning reported cash generation is heavily inflated by this non-cash add-back.
The case for IREN
According to its latest annual report, IREN is building next-generation data centers and AI cloud infrastructure while transitioning from legacy Bitcoin (CRYPTO:BTC) mining. It recently secured a five-year, nearly $9.7 billion contract with Microsoft (NASDAQ:MSFT) for data center capacity. Additionally, IREN signed a five-year cloud services agreement worth roughly $3.4 billion with Nvidia (NASDAQ:NVDA) to support its ongoing expansion.
In FY 2026, revenue reached close to $707.0 million, which is an increase of roughly 41.1% over the prior year. The company reported a net loss of nearly $702.6 million, leading to a negative net margin of approximately 99.4%. This reflects the complex nature of transitioning between two energy-heavy business models and managing the associated growth costs.
According to its June 2026 balance sheet, the current ratio is approximately 3.6x, which suggests it has sufficient short-term assets to cover its immediate obligations. The debt-to-equity ratio is close to 1.9x, showing the company uses nearly two dollars of debt for every dollar of equity. Free cash flow for the year was roughly negative $2.2 billion as the company scales its future infrastructure offerings.
Risk profile comparison
Applied Digital faces significant customer concentration, making it highly dependent on a small number of partners. It requires intensive capital and relies on frequent debt or equity financing to fund its projects. Most operations are concentrated in North Dakota, exposing the business to localized infrastructure risks and potential asset obsolescence from rapid technological shifts.
IREN struggles with financial instability, evidenced by its significant net loss in FY 2026. The transition from legacy Bitcoin mining to AI Cloud Services carries operational strain and potential regulatory scrutiny regarding energy usage. High leverage with nearly $7.98 billion in total debt and reliance on hardware suppliers like NVIDIA, Dell Technologies (NYSE:DELL), and Supermicro add further layers of risk.
Valuation comparison
Applied Digital offers a lower P/S ratio based on sales over the past twelve months.
P/S ratio
13.1x
23.0x
Which stock would I buy in 2026?
I'd go with IREN, though Applied Digital is doing interesting things in its own right. Applied Digital beat revenue estimates in its most recent quarter, a contract with CoreWeave provides long-term revenue visibility, and the company is building AI data center capacity at a rapid pace. For investors comfortable with early-stage risk, it is worth watching.
But IREN's transformation from Bitcoin miner to AI cloud infrastructure company is one of the more striking pivots in the market right now. It reported $4 billion in contracted annual recurring revenue for its 2026 capacity and has Microsoft as a customer. Nvidia has officially certified IREN as a reference-quality cloud provider for its most advanced chips, essentially giving it a stamp of approval that the company knows how to operate AI infrastructure at the highest level.
Both companies are losing money and spending heavily to build out infrastructure, so this is not a space for the faint of heart. But for a patient investor willing to sit through the volatility, IREN's contracted revenue base and blue chip customer relationships are a more solid foundation to build on over time.
Should you buy stock in Applied Digital right now?
Before you buy stock in Applied Digital, 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 Applied Digital 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 $384,839!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,385,657!*
Now, it’s worth noting Stock Advisor’s total average return is 936% — a market-crushing outperformance compared to 213% 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 September 24, 2026.
Sara Appino has positions in Bitcoin and Nvidia. The Motley Fool has positions in and recommends Bitcoin, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.

Applied Digital vs. IREN: Which Technology Stock Is a Better Buy in 2026?

The S&P 500 Index ($SPX) (SPY) closed up by +1.49% on Monday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +0.71%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +2.83%. December E-mini S&P futures (ESZ26) rose +1.50%, and December E-mini Nasdaq futures (NQZ26) rose +2.84%.
Stock indexes rallied sharply on Monday, with the S&P 500 posting a 5-week high and the Nasdaq 100 posting a 3-month high. Stocks surged Monday after crude oil prices plunged, pushing bond yields lower and improving market sentiment. WTI crude sank more than -4% to a 1.5-week low, and the 10-year T-note yield fell -3 bp to 4.96%. Also, positive anticipation ahead of a summit later this week between Presidents Trump and Xi Jinping is lifting equity markets. In addition, stock indexes rose on support from a rally in chipmakers and AI-infrastructure stocks, along with a rally in cryptocurrency-exposed stocks, as Bitcoin's price surged to a 7.5-month high.
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Stocks garnered support on Monday on optimism about talks between the US and China after US and Chinese officials offered upbeat assessments of their talks on artificial intelligence, trade, and investment ahead of this week's summit between Presidents Trump and Xi Jinping. US Trade Representative Jamieson Greer said, “The focus is on stability between the US and China,” and we are working on a trade truce extension.
Monday's US economic news showed the Aug Chicago Fed national activity index fell -0.12 to -0.04, right on expectations.
Hawkish Fed comments on Monday were negative for stocks and bonds. Chicago Fed President Austan Goolsbee said that to restore price stability, the Fed may need to raise interest rates further and narrow the gap between supply and demand, which could lead to drops in employment, wages, and growth. Also, St. Louis Fed President Alberto Musalem said core inflation may be running 1 percentage point above the Fed's 2% target and that the Fed likely needs to hike interest rates further.
Bitcoin (^BTCUSD) surged by more than +7% on Monday to a 7.5-month high, adding to last Friday’s +5% surge, after the SEC moved forward with a plan to allow digital versions of securities to start trading in the US.
Oct WTI crude oil prices (CLV26) sank more than -4% on Monday to a 1.5-week low on diplomatic efforts to end the US-Iran war and signs that crude flows are still getting through the Strait of Hormuz. President Trump said he would "probably" be open to meeting Iranian President Masoud Pezeshkian on the sidelines of the UN General Assembly in New York this week. Also, Admiral Brad Cooper, head of US Central Command, said crude and LNG flows in the past two weeks through the Strait of Hormuz are running at a six-month high.
Markets are discounting a 55% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled higher on Monday. The Euro Stoxx 50 closed up +1.31%. China's Shanghai Composite climbed to a 1.5-week high and closed up +0.97%. Japan's Nikkei-225 Stock Average did not trade today with Japanese markets closed for the Respect-for-the-Aged Day holiday.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +7 ticks on Monday. The 10-year T-note yield fell -3.7 bp to 4.959%. T-notes rose on Monday after WTI crude oil fell more than -4% to a 1.5-week low, easing inflation expectations. T-notes fell back from their best level on hawkish comments from Chicago Fed President Austan Goolsbee and St. Louis Fed President Alberto Musalem, who said that to restore price stability, the Fed may need to raise interest rates further. Supply pressures are also bearish for T-notes as the Treasury will auction $211 billion of T-notes and floating-rate notes this week, beginning with Tuesday’s auction of $69 billion of 2-year T-notes.
European government bond yields moved lower on Monday. The 10-year German bund yield fell to a 1-week low of 3.442% and finished down -6.1 bp to 3.458%. The 10-year UK gilt yield dropped to a 1-week low of 5.200% and finished down -8.3 bp to 5.212%.
In its monthly report released on Monday, the German Bundesbank said Q3 GDP will expand only "modestly" in Q3 because of short-term drivers like low water levels in the Rhine River, but the economy is expected to grow at a "stronger" pace again in Q4 and will "remain on its current path to recovery." The Bundesbank added that "persistently high prices, not only for crude oil but also for natural gas and electricity, could amplify both direct and indirect effects and delay the return of the inflation rate to 2%."
Markets are discounting a 46% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks rallied on Monday, supporting gains in the broader market. The iShares Semiconductor ETF (SOXX) closed up more than +4% at a 5-week high. ARM Holdings Plc (ARM) closed up more than +16% to lead gainers in the Nasdaq 100, and Intel (INTC) closed up more than +12% to lead gainers in the S&P 500. Also, Advanced Micro Devices (AMD) and Qualcomm (QCOM) closed up more than +9%, and Marvell Technology (MRVL) closed up more than +6%. In addition, Applied Materials (AMAT) and Lam Research (LRCX) closed up more than +5%, and KLA Corp (KLAC) closed up more than +4%.
The Magnificent Seven technology stocks moved higher on Monday, providing support to the overall market. Meta Platforms (META) closed up more than +11% after the company’s new Muse artificial intelligence app rose to the top of mobile app charts. Also, Tesla (TSLA) closed up +3%, and Nvidia (NVDA) closed up more than +2%. In addition, Alphabet (GOOGL), Amazon.com (AMZN), and Microsoft (MSFT) closed up more than +1%, and Apple (AAPL) closed up +0.85%.
Cryptocurrency-exposed stocks surged on Monday after Bitcoin (^BTCUSD) rallied more than +7% to a 7.5-month high on positive carryover from last Friday when the SEC moved forward with a plan to allow digital versions of securities to start trading in the US. Strategy (MSTR) closed up more than +9%, and BitMine Immersion Technologies (BMNR) closed up more than +7%. Also, Bullish (BLSH) and Galaxy Digital Holdings (GLXY) closed up more than +5%, and Coinbase Global (COIN) closed up more than +3%. In addition, Circle Internet Group (CRCL) and Robinhood Markets (HOOD) closed up more than +2%, and Riot Platforms (RIOT) and Iren Ltd (IREN) closed up more than +1%.
Cybersecurity stocks moved higher on Monday, supporting gains in the overall market. Cloudflare (NET) closed up more than +8%, and SentinelOne (S) closed up more than +5%. Also, Zscaler (ZS), Crowdstrike Holdings (CRWD), and Okta (OKTA) closed up more than +4%. In addition, Fortinet (FTNT) closed up more than +3%, and Palo Alto Networks (PANW) closed up mor than +2%.
Airlines and cruise line operators rallied on Monday due to the -4% plunge in WTI crude oil to a 1-week low, which lowers fuel costs and boosts profitability prospects for the companies. United Airlines Holdings (UAL) closed up more than +5%, and American Airlines Group (AAL) closed up more than +4%. Also, Delta Air Lines (DAL) and Alaska Air Group (ALK) closed up more than +3%, and Carnival (CCL) closed up more than +2%. In addition, Southwest Airlines (LUV), Royal Caribbean Cruises (RCL), and Norwegian Cruise Line Holdings (NCLH) closed up more than +1%.
Energy stocks and service providers retreated on Monday after WTI crude oil plunged more than -4% to a 1-week low. Marathon Petroleum (MPC) closed down more than -5% to lead losers in the S&P 500, and Phillips 66 (PSX) and Valero Energy (VLO) closed down more than -4%. Also, ConocoPhillips (COP) and ExxonMobil Holdings (XOM) closed down more than -3%, and Diamondback Energy (FANG), Occidental Petroleum (OXY), APA Corp (APA), and Devon Energy (DVN) closed down more than -2%. In addition, Chevron (CVX) closed down more than -2% to lead losers in the Dow Jones Industrials.
Warner Bros. Discovery (WBD) closed up more than +10% after Paramount Skydance settled lawsuits brought by 12 state attorneys general and the Writers Guild trade union, a move that will allow Paramount to acquire Warner Bros. Discovery.
Ciena (CIEN) closed up more than +5% after Evercore ISI upgraded the stock to outperform from in line with a price target of $550.
Candel Therapeutics (CADL) closed up more than +3% after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $18.
HP Inc. (HPQ) closed down more than -4% after projecting that industry-wide personal computer unit volumes will decline mid-single-digits in 2027.
Earnings Reports (9/22/2026)
AutoZone Inc (AZO), KB Home (KBH), MillerKnoll Inc (MLKN), Thor Industries Inc (THO), Worthington Enterprises Inc (WOR).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Settle Sharply Higher as Crude Prices Plunge and Chipmakers Soar

The S&P 500 Index ($SPX) (SPY) is up by +0.93% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.39%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.97%. December E-mini S&P futures (ESZ26) are up +1.00%, and December E-mini Nasdaq futures (NQZ26) are up +2.14%.
Stock indexes are rising today, with the S&P 500 posting a 1.5-week high and the Nasdaq 100 posting a 5-week high. Stocks are finding support today on weakness in crude oil prices, which has pushed bond yields lower and improved market sentiment. WTI crude is down more than -4% at a 1-week low, and the 10-year T-note yield is down -3 bp to 4.96%. Also, positive anticipation ahead of a summit later this week between Presidents Trump and Xi Jinping is lifting equity markets. In addition, stock indexes are climbing on support from a rally in chipmakers and AI-infrastructure stocks, along with a rally in cryptocurrency-exposed stocks, as Bitcoin's price surges to a 7.5-month high.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks garnered support today on optimism about talks between the US and China after US and Chinese officials offered upbeat assessments of their talks on artificial intelligence, trade, and investment ahead of this week's summit between Presidents Trump and Xi Jinping. US Trade Representative Jamieson Greer said, “The focus is on stability between the US and China,” and we are working on a trade truce extension.
Today's US economic news showed the Aug Chicago Fed national activity index fell -0.12 to -0.04, right on expectations.
Hawkish comments today from Chicago Fed President Austan Goolsbee were negative for stocks and bonds when he said that to restore price stability, the Fed may need to raise interest rates further and narrow the gap between supply and demand, which could lead to drops in employment, wages, and growth.
Bitcoin (^BTCUSD) is up more than +5% today at a 7.5-month high, adding to last Friday’s +5% surge, after the SEC moved forward with a plan to allow digital versions of securities to start trading in the US.
Oct WTI crude oil prices (CLV26) are down more than -4% today to a 1-week low on diplomatic efforts to end the US-Iran war and signs that crude flows are still getting through the Strait of Hormuz. President Trump said he would "probably" be open to meeting Iranian President Masoud Pezeshkian on the sidelines of the UN General Assembly in New York this week. Also, Admiral Brad Cooper, head of US Central Command, said crude and LNG flows in the past two weeks through the Strait of Hormuz are running at a six-month high.
Markets are discounting a 53% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are higher today. The Euro Stoxx 50 is up +1.17%. China's Shanghai Composite climbed to a 1.5-week high and closed up +0.97%. Japan's Nikkei-225 Stock Average did not trade today with Japanese markets closed for the Respect-for-the-Aged Day holiday.
Interest Rates
December 10-year T-notes (ZNZ6) are up by +8 ticks today. The 10-year T-note yield is down -3.9 bp to 4.957%. T-notes are climbing today after WTI crude oil fell more than -3% to a 1-week low, easing inflation expectations. T-notes fell back from their best level on hawkish comments from Chicago Fed President Austan Goolsbee, who said that to restore price stability, the Fed may need to raise interest rates further. Supply pressures are also bearish for T-notes as the Treasury will auction $211 billion of T-notes and floating-rate notes this week, beginning with Tuesday’s auction of $69 billion of 2-year T-notes.
European government bond yields are moving lower today. The 10-year German bund yield fell to a 1-week low of 3.442% and is down -7.2 bp to 3.447%. The 10-year UK gilt yield dropped to a 1-week low of 5.200% and is down -8.4 bp to 5.211%.
In its monthly report released today, the German Bundesbank said Q3 GDP will expand only "modestly" in Q3 because of short-term drivers like low water levels in the Rhine River, but the economy is expected to grow at a "stronger" pace again in Q4 and will "remain on its current path to recovery." The Bundesbank added that "persistently high prices, not only for crude oil but also for natural gas and electricity, could amplify both direct and indirect effects and delay the return of the inflation rate to 2%."
Markets are discounting a 46% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are climbing today, supporting gains in the broader market. The iShares Semiconductor ETF (SOXX) is up more than +3% at a 5-week high. ARM Holdings Plc (ARM) is up more than +12% to lead gainers in the Nasdaq 100, and Intel (INTC) is up more than +11% to lead gainers in the S&P 500. Also, Advanced Micro Devices (AMD) is up more than +9%, and Qualcomm (QCOM) is up more than +5%. In addition, Marvell Technology (MRVL), Micron Technology (MU), Applied Materials (AMAT), Lam Research (LRCX), and KLA Corp (KLAC) are up more than +2%.
Cryptocurrency-exposed stocks are moving higher today, with Bitcoin (^BTCUSD) up more than +5% to a 7.5-month high on positive carryover from last Friday when the SEC moved forward with a plan to allow digital versions of securities to start trading in the US. Strategy (MSTR) is up more than +7%, and BitMine Immersion Technologies (BMNR) is up more than +6%. Also, Coinbase Global (COIN) and Galaxy Digital Holdings (GLXY) are up more than +5%, and Circle Internet Group (CRCL) and Riot Platforms (RIOT) are up more than +4%. In addition, Robinhood Markets (HOOD) is up more than +3%, Bullish (BLSH) is up more than +2%, and MARA Holdings (MARA) and Iren Ltd (IREN) are up more than +1%.
Cybersecurity stocks are climbing today, supporting gains in the overall market. Cloudflare (NET) is up more than +5%, and SentinelOne (S) and Zscaler (ZS) are up mor than +4%. Also, Crowdstrike Holdings (CRWD) and Okta (OKTA) are up more than +3%, and Palo Alto Networks (PANW) and Fortinet (FTNT) are up more than +2%.
Airlines and cruise line operators are gaining today due to the -4% plunge in WTI crude oil to a 1-weeklow, which lowers fuel costs and boosts profitability prospects for the companies. United Airlines Holdings (UAL) is up more than +3%, and American Airlines Group (AAL) is up more than +2%. Also, Delta Air Lines (DAL), Alaska Air Group (ALK), Carnival (CCL), Royal Caribbean Cruises (RCL), and Norwegian Cruise Line Holdings (NCLH) are up more than +1%.
Energy stocks and service providers are falling today, with WTI crude oil down more than -4% to a 1-week low. ConocoPhillips (COP) is down more than -3%, and Diamondback Energy (FANG), ExxonMobil Holdings (XOM), Halliburton (HAL), Occidental Petroleum (OXY), APA Corp (APA), Devon Energy (DVN), Phillips 66 (PSX), and Valero Energy (VLO) are down more than -2%. In addition, Slb Ltd (SLB) is down more than -1%, and Chevron (CVX) is down more than -1% to lead losers in the Dow Jones Industrials.
Warner Bros. Discovery (WBD) is up more than +10%, and Paramount Skydance (PSKY) is up more than +5% as Paramount is in settlement talks with California officials over its planned acquisition of Warner.
Candel Therapeutics (CADL) is up more than +5% after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $18.
Ciena (CIEN) is up more than +3% after Evercore ISI upgraded the stock to outperform from in line with a price target of $550.
HP Inc. (HPQ) is down more than -4% to lead losers in the S&P 500 after projecting that industry-wide personal computer unit volumes will decline mid-single-digits in 2027.
Earnings Reports (9/21/2026)
BRT Apartments Corp (BRT).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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