markets

Sage D. Young & Helena Cheng5/27/26

IREN rallies after securing GPUs to boost run-rate revenues to $4.4 billion

IREN jumped postmarket on Tuesday after management announced that they’d secured supply to make good on their recent deal with Nvidia.

The data company reached a $1.6 billion agreement with Dell for air-cooled Blackwell systems to service its AI cloud contract with the chip designer announced earlier this month.

The stock has pared much of its gains in early trading on Wednesday.

This previously revealed partnership will see IREN build out data centers designed by Nvidia to optimize for its hardware. Some of that compute will then be utilized by Nvidia, which also received warrants to invest up to $2.1 billion in IREN.

Once these systems are up and running in early 2027, IREN said that its annualized run rate would rise to $4.4 billion from $3.7 billion.

“Securing capacity and accelerating commissioning are our top priorities in a market where time-to-compute is everything,” IREN cofounder and CEO Daniel Roberts said in a statement. “Our relationship with Dell ensures access to hardware at the scale and speed the market demands.”

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markets

J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

Floridians Seek Employment Opportunities At Job Fair In Sunrise

Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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