IREN announced a $3.4 billion AI cloud infrastructure agreement with NVIDIA that includes an option for NVIDIA to invest up to $2.1 billion in equity. The news triggered explosive trading, with IREN’s NASDAQ session volume exceeding AUD $10 billion. Bernstein initiated coverage with a $100 price target. The deal positions IREN as a growing player in AI cloud infrastructure amid rising institutional demand for high-performance computing.

The $3.4B deal plus an option for up to $2.1B in NVIDIA equity and Bernstein’s $100 price target are concrete positive catalysts; the session’s NASDAQ volume > AUD $10B shows immediate, large market reaction likely to drive short-term trading.