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We recently compiled a list of the These 10 Companies Led Gains on Wednesday. In this article, we are going to take a look at where IREN Limited (NASDAQ:IREN) stands against the other stocks.
Wall Street’s main indices ended firmer on Wednesday as share prices remained boosted by positive catalysts from President Donald Trump's inauguration coupled with better-than-expected earnings performance.
The Dow rose by 0.30 percent, the S&P 500 grew 0.61 percent, while the Nasdaq Composite increased 1.28 percent.
Meanwhile, 10 companies under mixed sectors mirrored Wall Street's gains. In this article, we will look at which companies led the rally and explore the reasons behind their impressive performance.
To come up with Wednesday's top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A table full of technology, with bitcoin mining rigs and a laptop showing a financial graph.
IREN Limited (NASDAQ:IREN)
IREN Limited (NASDAQ:IREN) jumped by 7.86 percent on Wednesday to end at $11.66 each as investors resorted to bargain-hunting following Tuesday’s drop.
Investors appear to have snapped up shares in the company following a recent announcement that it plans to raise as much as $1 billion from a follow-on offering to expand its Bitcoin mining operations.
IREN Limited (NASDAQ:IREN) said that it plans to increase its capacity to 57 EH/s by the second half of the year, with 50 EH/s targeted in the first half of the year.
The company is underway with the implementation of direct-to-chip liquid cooling systems in existing data centers to accommodate liquid-cooled NVIDIA Blackwell GPUs and meet the growing demand for liquid-cooled data center capacity. IREN is also advancing its 1,400MW Sweetwater project, scheduled for energization in April 2026, with ongoing substation procurement and construction activities.
Overall IREN ranks 6th on our list of companies that led gains on Wednesday. While we acknowledge the potential of IREN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than IREN but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.