New York, Jan 12, 2026, 12:30 EST — Regular session
IREN Limited shares jumped roughly 9% to $50.05 by midday Monday, hitting an intraday peak of $50.84. The Nasdaq-listed stock gained $4.02 from Friday’s close, with around 29.2 million shares changing hands.
The move is significant because IREN has quickly turned into a crowded bet straddling crypto and artificial intelligence. Investors see it as part bitcoin miner, part power-intensive data center, a combo that reacts sharply to shifts in rates and tech budgets.
Bitcoin climbed roughly 0.8% on the day, while U.S.-listed miners saw more modest gains. Marathon Digital jumped around 4%, CleanSpark was up about 3%, and Riot Platforms increased by less than 1%. That left IREN standing out as one of the bigger movers in the group.
Fresh analyst talk fueled the rally. Bernstein’s Gautam Chhugani named IREN “our top AI pick” and advised investors to “buy stocks on the dip.” He also shared a bullish outlook for crypto in 2026, setting a $150,000 bitcoin target. 1
Based in Sydney, IREN operates data centers it claims are fueled by renewable energy. Its business spans bitcoin mining and AI cloud services, according to a Reuters company profile.
Microsoft’s AI ambitions took a clearer shape in November, Reuters reported, with a $9.7 billion cloud deal struck with IREN that also secured access to Nvidia’s cutting-edge chips.
Macro headlines are taking a backseat. J.P. Morgan and several other major banks have delayed their projections for U.S. Federal Reserve rate cuts, citing a still-robust labor market that warrants keeping policy tight, according to a Reuters report.
Tuesday brings the next big moment: the U.S. Labor Department’s December consumer price index drops at 8:30 a.m. ET. If inflation runs hot, expect yields to spike and high-beta growth stocks, along with crypto-related shares, to take a hit.
The calendar flips fast after that. The Fed’s next policy meeting is set for Jan. 27-28, with investors keenly eyeing any change in stance on inflation and growth.
The trade works both ways. When crypto dips, Bitcoin-linked firms can see sharp drops. Meanwhile, funding and timing get tricky as companies pour capital into AI-grade computing, forcing hard decisions on returns.
Right now, the question is straightforward: can IREN maintain Monday’s big edge over its peers as traders weigh Tuesday’s CPI data and what the Fed might do after January?
Wall Street is looking ahead to the next earnings report, which Zacks predicts will drop on Feb. 11. 2
