Key Points Infrastructure operators with multibillion-dollar backlogs offer exposure to AI compute growth without megacap valuations. Power capacity and contracted megawatts are becoming more valuable than software features or algorithm improvements. Recent hyperscaler deals validate that specialized GPU infrastructure can capture enterprise spending at scale. 10 stocks we like better than Iren › Everyone seems to want exposure to the artificial intelligence (AI) theme, but the real constraint is ...

IREN Limited (NASDAQ: IREN) signed a five-year agreement with Microsoft for GPU cloud computing services valued at around $9.7 billion. Microsoft will receive access to NVIDIA GB300 GPUs managed by IREN, with the contract including a 20 percent prepayment. The agreement provides phased deployment of GPU capacity throughout 2026 at IREN’s Childress, Texas campus, which has 750 megawatts of total capacity. Four new liquid-cooled data centers, named Horizon 1 through Horizon 4, will support 200 megawatts o ...