IREN Limited shares jumped during the June 25, 2026, trading session. Other AI-related cloud infrastructure companies also experienced gains.
Micron's blockbuster third-quarter financial results triggered the sector-wide rally. The memory chip maker's performance exceeded market expectations and sparked optimism across the technology industry.
Investors treat IREN as a proxy for the AI chip industry due to its high-performance computing infrastructure. Micron's success boosted confidence in the growth prospects of the entire AI ecosystem.