Core Viewpoint - IREN Ltd has experienced a significant stock surge of 285% in six months, transitioning from crypto mining to AI cloud and GPU services, attracting attention from notable investors like Paul Tudor Jones who recently sold a large portion of his stake to lock in profits [1][2][8] Group 1: Stock Performance and Investor Actions - IREN stock has risen dramatically, with Tudor Investment reducing its stake by over 90% after a 300% increase from the average buy price, resulting in profits of approximately $40 million [2][8] - Despite Tudor's exit, the stock continues to generate buzz, indicating strong momentum in the market [3][8] Group 2: Strategic Partnerships and Contracts - A pivotal factor in IREN's market presence is a multi-year $9.7 billion AI cloud contract with Microsoft, which includes secured GPU deployments through 2026 at IREN's Texas campus [4][5] - This contract has elevated IREN's status from a speculative player to a significant partner in the AI infrastructure space [5] Group 3: Financial Maneuvers and Market Reactions - IREN raised approximately $2.3 billion through convertible notes and equity to fund GPU purchases and data center expansion, which has led to short-term volatility and concerns about dilution [6][7] - The market's response has been mixed, with ongoing debates about the company's capital structure while the stock is perceived as an execution story rather than merely a promise [7][8] Group 4: Future Outlook - The key question for IREN is whether it can manage dilution effectively while maintaining the momentum that has made it a prominent name in AI infrastructure for 2025 [8]