IREN shares surged more than 7% in pre-market trading as positive news from across the AI infrastructure sector lifted investor sentiment. The rally followed stronger-than-expected third-quarter results from sector bellwether CoreWeave, which also raised its full-year guidance, signaling sustained demand for AI compute infrastructure.
IREN’s own results, reported November 5, showed that AI Cloud revenue nearly tripled sequentially. But the stock had faced pressure after the company delayed a revenue target, leaving it poised for a relief rally as sector sentiment improved.