IREN Limited (IREN) is having a moment. Shares jumped over 5% Thursday as the company catches the wave of excitement sweeping through AI infrastructure stocks after Nvidia posted jaw-dropping third-quarter numbers.

The Nvidia Effect

When Nvidia reports $57 billion in quarterly revenue and issues bullish guidance, the whole AI ecosystem takes notice. IREN is positioned right in the middle of that ecosystem, and investors are connecting the dots between Nvidia's success and the companies building out the infrastructure to support all those chips.

Big Deals, Bigger Ambitions

IREN isn't just along for the ride—the company has been locking down serious contracts. The headline grabber: a $9.7 billion, five-year AI cloud services agreement with Microsoft. That deal involves deploying Nvidia's advanced GB300 GPUs across IREN's 750MW campus in Texas. To make it happen, IREN also secured a $5.8 billion hardware agreement with Dell Technologies.

These aren't speculative plays—they're massive commitments that position IREN as a critical infrastructure partner in the AI buildout.

The Numbers Back It Up

IREN's recent fiscal first-quarter results show this strategy is working. The company reported earnings per share of $1.08, crushing consensus estimates of just 14 cents. Revenue came in at $240.29 million, and the momentum metrics are equally impressive—the stock currently sports a near-perfect momentum score of 99.24 according to market rankings.

With Nvidia CEO Jensen Huang declaring that "AI is going everywhere," IREN's pivot to high-performance AI computing looks well-timed. Some analysts have set price targets as high as $136, suggesting plenty of believers in the growth story.

Price Action

IREN shares were trading up 5.24% at $48.22 at the time of publication Thursday.