Investors are struggling to understand Iren’s $4.7 billion deal with Nvidia

Iren, the Nasdaq-listed artificial intelligence data center operator led by Australian brothers Daniel and Will Roberts, sparked a stock market rollercoaster after announcing a multibillion-dollar partnership with the world’s most valuable company, Nvidia.

In a deal that highlights the circularity of the AI ​​infrastructure sector, Iren announced that Nvidia will spend $3.4 billion ($4.7 billion) to use and expand its data centers, which will be filled with thousands of Nvidia’s most advanced chips, called Blackwell processors.

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