10 Best Australian Stocks to Buy Now

1. IREN Limited (NASDAQ:IREN)

Number of Hedge Fund Holdings: 28

IREN Limited (NASDAQ:IREN) is a Bitcoin mining and data center company that has established itself as a major player in the cryptocurrency and high-performance computing (HPC) sectors. The company has rapidly expanded its operations by focusing on large-scale projects and organic growth.

IREN Limited (NASDAQ:IREN) is aggressively scaling its Bitcoin mining operations to solidify its position as one of the largest listed miners. The company has a current capacity of around 31 exahash and plans to expand to 50 exahash by the first half of 2025. This rapid growth is driven by a disciplined approach to project management, a focus on cost efficiency, and the ability to execute large-scale projects with minimal execution risk.

In addition to its core Bitcoin mining business, IREN Limited (NASDAQ:IREN) is diversifying into the rapidly growing AI and HPC markets. The company has already installed nearly 2,000 GPUs, including both NVIDIA H100 and H200 models, at its Prince George data center. The company is actively contracting out this capacity and is focused on measured growth based on robust contractual arrangements and market demand. IREN Limited (NASDAQ:IREN) is also exploring opportunities in AI colocation and other monetization strategies by leveraging its high-quality assets and strategic locations in power-constrained markets. The company has also committed to installing liquid cooling infrastructure at both its Prince George and Childress sites to support the next generation of GPUs to further enhance its competitive advantage.

While we acknowledge the potential of IREN Limited (NASDAQ:IREN) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than IREN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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