IREN just ripped 20% higher in a single session after dropping first quarter 2027 numbers, a sharp reversal for a stock that fell over 40% in the past month. Traders are cheering one thing above everything else. Artificial intelligence cloud revenue landed at about US$200m out of US$228m total sales, with adjusted earnings before interest, tax, depreciation and amortisation margin near 29%.

That kind of shift pulls the story away from legacy bitcoin mining and towards a high margin AI infrastructure business. The price reaction looks less like pure hype and more like investors finally pricing in that pivot.

Love IREN’s AI driven margins but worried about concentration risk in a single stock? Consider…