IREN Ltd (IREN) Soars 11.4% as Chip Giant Ups Bet on AI Demand

Group 1: Company Performance - IREN Ltd. (NASDAQ:IREN) experienced a significant increase of 11.43 percent, closing at $57.82, following two days of losses, driven by higher spending from a major semiconductor manufacturer amid strong AI sector demand [1] - IREN Ltd. received bullish coverage from investment firms HC Wainwright and Bernstein, with HC Wainwright setting a price target of $80, indicating a 38 percent upside potential, while Bernstein reduced its target to $75, still representing a 30 percent upside potential [5] Group 2: Industry Developments - Taiwan Semiconductor Manufacturing Company (TSMC) announced a budget increase of 33 to 37 percent for this year, ranging from $52 billion to $56 billion, compared to $38 billion to $42 billion last year, due to strong semiconductor demand [2] - TSMC reported a 35 percent increase in net income to NT$505.7 billion from NT$374.68 billion year-on-year, and net sales rose by 20.5 percent to NT$1.046 trillion from NT$868.46 billion [4] - Optimism in the market is bolstered by TSMC's strong earnings, positively impacting companies like IREN Ltd. and SuperMicro Computer Inc., which rely on Nvidia Corp.'s GPUs manufactured by TSMC [3]