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We recently compiled a list of the 10 Firms Defy Market Pessimism. In this article, we are going to take a look at where IREN Ltd. (NASDAQ:IREN) stands against the other firms.
Ten companies finished firmer on Friday, bucking an overall market pessimism, over a series of catalysts sparking buying appetite.
Wall Street’s main indices all finished in the red territory, with the Dow Jones down by 0.32 percent, the S&P 500 dropped 0.29 percent, and the Nasdaq down 0.50 percent.
In this article, let’s take a look at which companies defied broader market pessimism and explore the reasons behind their growth.
Friday’s top advancers only considered 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 Ltd. (NASDAQ:IREN)
IREN Ltd. (NASDAQ:IREN) ended Friday’s trading in the green territory, growing by 8.47 percent to finish at $13.32 apiece in line with the rally in Bitcoin prices.
Despite the lack of mention of the cryptocurrency industry during President Donald Trump’s inauguration, investors remained hopeful that the company, along with its Bitcoin mining counterparts, will benefit from a long-term boost should the government already decide to pull the trigger.
Prior to his inauguration, Trump had already signaled that he would release an executive order that would make cryptocurrency a national priority, an asset that even his family is directly invested in.
In other news, IREN plans to raise as much as $1 billion from a follow-on offer to fund its Bitcoin mining expansion program. The fundraising program was in line with its plan 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.
Overall IREN ranks 8th on our list of the firms that defy market pessimism. 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 that 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.