Multi-Year DealsOn Monday, its counterpart, Hut 8 Corp., clinched a new $9.8-billion leasing deal with an existing high-investment-grade company, boosting its total lease to 704 MW. IREN’s customer base now includes Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and a new leading AI developer, across both bare metal and managed cloud services. The back-to-back developments reinforced bullish sentiment across the AI infrastructure space, underscoring that hyperscalers and AI developers continue to commit billions to long-term computing capacity despite broader concerns over the sustainability of aggressive AI spending. Under the agreement, the tenant will deploy production-grade infrastructure at CleanSpark Inc.’s (NASDAQ:CLSK) Sandersville campus in Georgia to support a range of computing workloads. While we acknowledge the risk and potential of CLSK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame.