We recently published a list of Top 10 AI News Updates You Should Not Miss. In this article, we are going to take a look at where Iris Energy (NASDAQ:IREN) stands against other top AI news updates you should not miss.
Leading companies across diverse industries, including electronics, IT infrastructure, surveillance, renewable energy, robotics, and cybersecurity, are heavily investing in AI and machine learning to leverage the technology for widescale innovation. In turn, companies are able to reduce operational costs, tackle workforce challenges, and transform client experiences.
For instance, in the IT infrastructure space, AI spending is expected to jump to $509.1 billion in 2027 from $175.9 billion in 2023, according to the IDC. The spending on AI platforms is expected to rise as they become increasingly important for business’s digital operations.
“Harnessing machine learning can be transformational, but for it to be successful, enterprises need leadership from the top. This means understanding that when machine learning changes one part of the business — the product mix, for example — then other parts must also change. This can include everything from marketing and production to supply chain, and even hiring and incentive systems,” said Erik Brynjolfsson, co-founder of Workhelix.
Elsewhere, PwC global chairman, Mohamed Kande, during his speech at the World Economic Forum in Davos urged people to not be afraid of AI in the workplace but embrace it as a digital colleague.
“People fear what they don’t understand, so exposing them to the technology, putting in their hands makes a big difference,” Kande said about AI, adding that doing so allows employees to view AI as a “digital colleague…You don’t fear your colleagues, you partner with them…So we are actually asking people to partner with the technology.”
For this article, we selected AI stocks by reviewing news articles, stock analysis, and press releases. We listed the stocks in ascending order of their hedge fund sentiment taken from Insider Monkey’s database of 900 hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
A table full of technology, with bitcoin mining rigs and a laptop showing a financial graph.
Iris Energy (NASDAQ:IREN)
Number of Hedge Fund Holders: 28
Iris Energy (NASDAQ:IREN) operates 360MW of operational next-gen data centers, each powered by 100% renewable energy and capable of running over 70kW racks. These data centres are optimized for Bitcoin mining, AI cloud services, and power-dense applications. The company chooses data centres locations close to abundant and low-cost renewable energy sources to meet the growing demand for high-performance computing applications. Iris Energy (NASDAQ:IREN) has partnered with data service platform software providers for GPU optimization in data centers to offer data storage and management solutions for GenAI workloads.
On January 21st, Roth MKM retained a “Buy” on the Iris Energy (NASDAQ:IREN) stock, describing it as the firm’s top pick in Digital Assets as US President Donald Trump’s crypto stance should favor miners with US-based operations. The analysts added that the administration could focus on AI and cyber security, the former of which should benefit hybrid HPC/AI/BTC coverage names. The brokerage explained that the company mines bitcoin at or near the industry low cost of about $29,000 all-in cost at 31 EH/s and power cost of about $22,800 as of December per BTC while having a flexible and available interconnect capacity.
Overall, IREN ranks 7th on our list of top AI news updates you should not miss. While we acknowledge the potential of IREN as an investment, 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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Disclosure: None. This article is originally published at Insider Monkey.
