markets

Luke Kawa5/7/26

Nvidia to invest up to $2.1 billion in IREN in partnership that deploys as much as 5 gigawatts of its AI infrastructure

Another day, another massive Nvidia warrants deal in the AI ecosystem.

Shares of data center company IREN spiked 20% in postmarket trading after it reached a pact with the chip designer to deploy up to 5 gigawatts of its AI offerings across data centers.

This means that IREN will effectively be building out data centers designed by Nvidia to optimize for its hardware. And some of that hardware deployed will seemingly then be utilized by Nvidia: IREN also announced a $3.4 billion AI cloud contract with the giant on Thursday.

As part of the arrangement, IREN issued Nvidia warrants that expire in five years that enable the company to buy up to 30 million shares at $70 apiece. If fully exercised, that would amount to a $2.1 billion investment into IREN.

This announcement took the sting out of IREN’s Q3 results, which saw the firm report sales of $144.8 million (compared to analyst estimates of $216.6 million) and adjusted EBITDA of $59.5 million (estimate: $125 million).

On Wednesday, Nvidia announced an investment of $500 million in fiber-optics firm Corning to accelerate its manufacturing capacity.

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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%

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

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