{"id":12194,"date":"2025-09-30T20:15:03","date_gmt":"2025-09-30T20:15:03","guid":{"rendered":"https:\/\/bitunikey.com\/news\/heres-why-iren-stock-jumped-after-the-coreweave-and-meta-platforms-deal\/"},"modified":"2025-09-30T20:15:11","modified_gmt":"2025-09-30T20:15:11","slug":"heres-why-iren-stock-jumped-after-the-coreweave-and-meta-platforms-deal","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/heres-why-iren-stock-jumped-after-the-coreweave-and-meta-platforms-deal\/","title":{"rendered":"Here\u2019s why IREN stock jumped after the CoreWeave and Meta Platforms deal"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">IREN stock price jumped by more than 2% and approached its all-time high after a major $14 billion deal between Meta Platforms and CoreWeave and after a bullish report on AI spending from Citi.<\/p>\n<div id=\"cn-block-summary-block_b3f0e3ffa4986e5430d65422d05f0364\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>IREN stock price soared after a big deal between Meta Platforms and CoreWeave.<\/li>\n<li>Meta will buy AI computing power from CoreWeave in a $14 billion deal.<\/li>\n<li>IREN jumped as investors predicted a similar deal with a hyperscaler.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>IREN, a popular Bitcoin (BTC) mining company, jumped to $46.80, a few points below the all-time high of $49. It has advanced by 870% from its lowest level this year, bringing its market capitalization to more than $14 billion.<\/p>\n<p>IREN shares jumped after Meta Platforms, the parent company of Facebook and WhatsApp, inked a <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/finance.yahoo.com\/news\/coreweave-stock-surges-as-reported-14-billion-meta-deal-signals-limitless-ai-demand-142356584.html\" target=\"_blank\" rel=\"nofollow\">$14 billion deal<\/a> with CoreWeave. Meta will take advantage of CoreWeave\u2019s infrastructure to accelerate its AI development.\u00a0<\/p>\n<p>The deal came a few weeks after Microsoft reached a similar deal with Nebius. Therefore, IREN stock is soaring as investors anticipate similar deals in the coming months as it ramps up construction of its AI data centers.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>In a report published today, Citigroup raised its estimate of AI data center spending. The Wall Street bank now expects that technology giants will spend $2.8 trillion on AI data centers by 2029, up from its previous estimate of $2.3 trillion.<\/p>\n<p>Citi also expects that the top hyperscalers, such as Microsoft, Amazon, Meta, and Google, will spend $490 billion by the end of 2026, up from the previous estimate of $420 billion.<\/p>\n<p>If these estimates are correct, it means that companies providing AI infrastructure solutions, such as IREN, will continue to perform well in the foreseeable future.<\/p>\n<p>In a recent statement, IREN said that it had doubled its AI cloud to 23k Nvidia and AMD GPUs as it seeks to become a major player in the industry. Its near-term target is to have about 60,000 GPUs.\u00a0<\/p>\n<p>Most importantly, it hopes to reach an annualized run rate of $500 million by Q1 2026, a large figure for a segment that generated just $7 million in revenue in the last quarter.<\/p>\n<h2 class=\"wp-block-heading\">IREN stock price technical analysis\u00a0<\/h2>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">IREN stock chart | Source: crypto.news<\/figcaption><\/figure>\n<p>The daily timeframe chart shows that the IREN share price has been in a strong uptrend over the past few months, moving from a low of $4.96 in April to $46 today, bringing its market capitalization to more than $12 billion.<\/p>\n<p>IREN\u2019s share price has remained significantly above all moving averages, while the rising Average Directional Index shows that the trend is gaining momentum.<\/p>\n<p>However, IREN\u2019s stock has become highly overbought as the Relative Strength Index and Stochastics have risen.<\/p>\n<p>Therefore, the most likely scenario is that the stock continues rising as AI momentum accelerates and as traders wait for a potential deal with a hyperscaler. However, a smaller pullback cannot be ruled out in the near term as investors begin to book profits.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>IREN stock price jumped by more than 2% and approached its all-time high after a major $14 billion deal between Meta Platforms and CoreWeave and after a bullish report on&hellip;<\/p>\n","protected":false},"author":1,"featured_media":12195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/12194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=12194"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/12194\/revisions"}],"predecessor-version":[{"id":12196,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/12194\/revisions\/12196"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/12195"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=12194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=12194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=12194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}