IREN Ltd (NASDAQ: IREN) saw its stock price soar 6.94% in pre-market trading on Monday, building on the momentum from the previous day's 7.41% gain. The surge comes in the wake of a monumental $9.7 billion AI cloud services agreement announced with tech giant Microsoft, signaling a major leap forward for the company in the AI infrastructure sector.

The groundbreaking deal involves the deployment of NVIDIA GB300 GPUs across IREN's expansive 750 MW Texas campus. This partnership positions IREN as a key player in providing high-performance computing resources for AI applications, potentially revolutionizing the company's market position and future growth prospects.

Investors are reacting positively to this news, recognizing the substantial revenue and growth opportunities this agreement could bring to IREN. The deal's massive scale underscores IREN's growing importance in the AI cloud services market and its ability to attract partnerships with industry leaders like Microsoft. As the AI sector continues to expand rapidly, IREN's strategic positioning with this deal could lead to long-term benefits and increased market share in the competitive AI infrastructure landscape.