Tech giant Microsoft has inked a $9.7 billion deal with data center infrastructure firm IREN, as per an official press release. The agreement is a GPU cloud-services collaboration with both companies, with IREN expected to provide Microsoft access to NVIDIA GPUs over a period of 5 years.
The update comes as Microsoft and other tech companies figure out the best way to stay ahead of the competition through a collection of partnerships and initiatives focused on data centers and chips that lend AI capabilities.
According to Reuters, the update sent share prices up, with IREN spiking by 24.7%.
“We’re proud to announce this milestone partnership with Microsoft, highlighting the strength and scalability of our vertically integrated AI Cloud platform,” said IREN co-founder and CEO Daniel Roberts.
“It marks another major step forward for IREN as we continue to expand large-scale GPU deployments across our 3GW secured power portfolio in North America, reinforcing our position as a leading AI Cloud Service Provider,”
Source: Google Finance
At the time of writing, IREN shares were trading at $68.22, up by 12.29%