IREN shares climbed Monday, extending a rally from the previous trading session. This upward momentum reflects positive sentiment across AI infrastructure stocks.
The sector-wide confidence received a boost from strong quarterly earnings reported by chipmaker Micron. This trend helped IREN and its peers recover from an earlier monthly sell-off. That previous decline was sparked by concerns regarding AI cloud spending.
Broad market optimism currently overshadows company-specific news, including a rating downgrade from Wall Street Zen. The firm lowered IREN's rating from "hold" to "sell." Despite the downgrade, the positive sector-wide trend remains the dominant driver of the stock's performance.