On June 12, IREN Ltd rose 5.08% in regular trading, trading at $59.69/share, with turnover of $510 million. The rebound comes as the CEO signaled further AI compute expansion plans, reinforcing bullish sentiment following a sharp pullback from early-June highs.

On the news front, B.Riley recently raised its target price on IREN from $88 to $96 while maintaining a Buy rating, citing an optimistic outlook on the company's AI compute transformation. IREN had previously completed a $3.65 billion investment-grade GPU financing to support AI cloud computing delivery, which pushed total convertible notes to $3.7 billion and triggered leverage concerns that drove the stock sharply lower. The current rebound reflects oversold repair demand following the digestion of selling pressure.

Fundamental support remains intact, including a $9.7 billion compute agreement with Microsoft, up to $2.1 billion in investment from NVIDIA, and a South Australia 800MW data center transmission connection agreement. Notably, the broader Application Software sector weakened on the same day, with Adobe down 7.34%, Intuit down 2.64%, and Salesforce down 1.58%, making IREN's counter-trend rally a signal of market confidence in its AI compute positioning.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)