Leading Stocks Pullback: Should Investors Buy Now? (IREN, NBIS, OKLO)
So far this year, we've seen the emergence and persistence of several powerful market themes, from artificial intelligence and data infrastructure to next-generation energy, and a handful of innovative stocks have led the charge. Among the biggest winners have been IREN Limited ( IREN ), Nebius Group N.V.
IREN Vs. Nebius: Why The Latter Is A Better AI Play
In this article, I'm comparing Nebius Group (NBIS) to IREN Limited (IREN) in order to find a better AI infrastructure play for growth investors. IREN's transition from Bitcoin mining to AI infrastructure has fueled growth, but reliance on external financing erodes its previous profitability edge. Nebius isn't just a cloud provider. They run great software and have a massive TAM. IREN can't compete on pricing with NBIS, although I like their alternative energy reliance.
IREN's Rally Isn't Over - It's Entering A New Phase
IREN's stock surged to $60 as it transformed from a Bitcoin miner to a vertically integrated AI infrastructure utility. Fiscal 2025 revenue grew 168% to $501 million, with adjusted EBITDA up nearly 400% to $270 million and margins at 54%. The company expanded its AI Cloud fleet from 1,900 to 23,000 GPUs, targeting over $500 million in annualized AI Cloud revenue by 2026.
IREN: A 10x Growth Story Following A Textbook Pivot From Bitcoin Mining To AI Cloud
I see IREN Limited as a speculative buy, driven by its pivot from crypto mining to AI data center compute, with a 10x ARR growth in this segment. IREN's AI Cloud business targets $500M ARR by Q1 FY26, with significant GPU investments and strong contracted power capacity. At the end of 2024, ARR was only $32M. Near term, I believe risk is elevated: shares are overbought since early September, valuation is rich at ~154x P/E, and Q1 FY26 could spark profit-taking from short-term traders.
Why Nebius, Not IREN, Is Likely The Best AI Stock To Own
IREN Limited and Nebius Group N.V. are leading AI infrastructure stocks, each with unique strengths and rapid growth. IREN leverages its profitable Bitcoin mining business to fund AI expansion, offering diversification and downside protection for investors. NBIS stands out with a vertically integrated AI-first cloud platform, strong software moat, and aggressive scaling, justifying its premium valuation.
IREN Limited (IREN) Moves 6.8% Higher: Will This Strength Last?
IREN Limited (IREN) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock doesn't suggest further strength down the road.
IREN's Stock Rally Is Just Getting Started
IREN Limited is rated a "Buy" due to its transformation from Bitcoin mining to AI cloud and data center services. IREN is rapidly expanding its GPU fleet, aiming to shift its revenue mix from volatile crypto mining to more stable, high-margin AI infrastructure services. Despite its mining roots, IREN's forward valuation remains attractive, trading at a discount to neocloud peers like CoreWeave and Nebius, with strong upside potential.
IREN: Juggernaut In The Making
IREN (IREN) is rapidly scaling datacenter capacity, leveraging vertical integration and standardized modular designs for unmatched efficiency and speed. IREN's AI cloud business is poised for significant growth, targeting $200–$250 million in annualized revenue, diversifying beyond its core Bitcoin mining operations. Strategic power procurement and secured 2.9 GW grid capacity position IREN for long-term cost advantages and scalable infrastructure expansion.
IREN Timed Its AI Pivot To Perfection
IREN Limited is well-positioned after pivoting from crypto mining to AI cloud services, leveraging its substantial GPU infrastructure. The crypto miner's AI business is rapidly scaling, with management targeting $500M ARR by Q1 next year, supported by strong revenue growth and margin expansion. IREN offers 810 MW of GPU capacity online, making it an attractive partner for hyperscalers and frontier AI labs, and is attractively valued versus peers.
IREN's Bull Run Faces Its Next Test
IREN's stock is up 380% year-to-date, with an additional 80% gain since prior coverage, reflecting massive AI-driven momentum. The company purchased $674 million in Nvidia and AMD GPUs, doubling its fleet to 23,000 units for AI workloads. Contracted grid power expanded to nearly 3 GW, while operating data center capacity tripled to 810 MW during FY25.
Is $50 a Share Realistic for IREN Stock?
IREN Ltd. (NASDAQ:IREN), which operates data centers and mines Bitcoin (CRYPTO:BTC), went from under-the-radar to over-the-top in 2025.
IREN Limited: When The AI Bubble Pops, Winner Takes All
IREN just posted record profits while quietly amassing one of the largest GPU fleets in the industry - is this Bitcoin miner the AI market's dark horse? With crypto cash funding AI infrastructure, does IREN hold the rare advantage that could let it outlast competitors when the bubble bursts? And AI really is in a bubble; who survives when it pops - and could IREN be the unexpected winner that investors are missing?
