10 Best Long Term ASX Stocks to Buy Now

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1) IREN Limited (NASDAQ:IREN)

Number of Hedge Fund Holders: 28

On 15th February 2024, Iris Energy announced its official name change to IREN Limited (NASDAQ:IREN), better reflecting its expanding next-generation data center business. It is an Australian company that owns and operates next-generation data centers that are optimized for Bitcoin mining, AI cloud services, and high-performance and power-dense computing applications. On January 21, IREN Limited (NASDAQ:IREN) announced a $1 billion at-the-market facility to support general corporate purposes, which include expanding capacity to 57 EH/s by H2 2025, with 50 EH/s on track for H1 2025 and initiating direct-to-chip liquid cooling systems in existing data centers to enable rapid scaling for cloud & colocation opportunities.

IREN Limited (NASDAQ:IREN)’s strategic move into AI and HPC services provides a strong opportunity for diversification and growth. The global demand for AI and HPC capabilities has been witnessing rapid growth, fueled by advancements in ML, data analytics, and cloud computing. Through leveraging the existing power infrastructure and data center expertise, IREN Limited (NASDAQ:IREN) remains well-placed to capitalize on this ever-evolving market.

Furthermore, with AI technologies evolving and requiring powerful computing resources, IREN Limited (NASDAQ:IREN)’s ability to provide both the necessary infrastructure and energy capacity can make it an attractive partner for organizations at the forefront of AI R&D.

While we acknowledge the potential of IREN as an investment, our conviction lies in the belief that some deeply undervalued AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for a deeply undervalued 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.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

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