Nvidia's $3.4B Deal Lifts IREN Shares 7% in Fresh AI Pivot Endorsement

IREN shares jumped ~7% intraday after Nvidia announced a five-year $3.4B cloud services partnership, including a right to buy 30M shares at $70, validating the Bitcoin miner's shift to AI infrastructure. This overshadowed Q1 2026 results showing revenue down 22% to $144.8M from $184.7M, a $247.8M net loss with $140.4M impairments, due to lower BTC prices and rig retirements. Bolstered by a $9.7B Microsoft contract, 5GW secured capacity, and $3.7B ARR target by end-2026, IREN eyes re-rating beyond mining woes.