Nvidia, AMD in focus as IREN buys $670M worth of GPUs to boost AI cloud growth

[Nvidia Corporation building in Taipei, Taiwan.]
BING-JHEN HONG

* Data center operator and bitcoin miner IREN Limited (NASDAQ:IREN [https://seekingalpha.com/symbol/IREN]) said on Monday that it had purchased roughly $670M worth of Nvidia (NASDAQ:NVDA [https://seekingalpha.com/symbol/NVDA]) and AMD (NASDAQ:AMD [https://seekingalpha.com/symbol/AMD]) GPUs to boost growth in its artificial intelligence cloud unit.
* Included in the purchase were 7,100 of Nvidia's B300 GPUs, 4,200 of Nvidia's B200 and 1,100 of AMD's MI350Xs for approximately $674M, IREN said in a statement [https://seekingalpha.com/pr/20239292-iren-doubles-ai-cloud-to-23k-gpus-raises-ai-cloud-arr-target-to-500m]. That brings its total GPU capacity to approximately 23,000 IREN added.
* Deliveries will be staged over the coming months at IREN’s Prince George campus and are expected to support the company's target of more than $500M in AI cloud annual recurring revenue by the end of the first-quarter of 2026.
* “As global demand for compute accelerates, customers are increasingly seeking partners who can deliver scale quickly,” said IREN co-founder and CEO Daniel Roberts said. “Doubling our fleet to more than 23,000 GPUs in just a few months highlights the strength of our vertically integrated platform and our ability to meet urgent, long-term demand. The shift toward pre-contracting ahead of delivery provides further momentum for the growth of our AI Cloud business.”
* Nvidia and AMD shares fell roughly 0.5% in premarket trading, while IREN was off 0.8%.

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