Bitcoin miner IREN has acquired Spanish data center developer Nostrum Group, adding 490 MW of power and a development pipeline in Spain. This move expands IREN's global power portfolio to 5 GW and supports its strategic pivot towards AI cloud services, seeking more predictable revenue streams.
SK Telecom and Nvidia partner to build a gigawatt-scale AI cloud and AI factory in South Korea by 2027, leveraging Nvidia's DSX platform for end-to-end AI operations.
Meta is reassigning over 7,000 employees to new AI-focused teams, including AI cloud infrastructure and an internal AI agent codenamed Hatch. This move, coupled with upcoming layoffs and controversial employee data monitoring for AI training, is causing significant discontent and organizing efforts among staff.
Baidu's AI businesses, including AI cloud, applications, and marketing, became its primary revenue driver in Q1, with revenue surging 49% year-on-year to 13.6 billion yuan. AI cloud alone grew 79% to 8.8 billion yuan, signaling AI's core role in the company's strategy.
IREN Limited has closed a $3 billion convertible senior notes offering, raising $2.96 billion to fund its expansion into AI infrastructure. The capital will support recent major deals with Microsoft and Nvidia, marking a significant shift from its cryptocurrency mining roots.
Anthropic's $200B, 5-year deal with Google and similar AI startup-cloud provider agreements project a $2T revenue backlog for Amazon, Google, Microsoft, and Oracle by leveraging AI growth dependencies.
Bernstein analysts see IREN’s AI cloud prospects growing substantially in the coming years—and its Bitcoin business disappearing entirely.
As Bitcoin miner IREN shifts toward AI cloud infrastructure, leveraging a Microsoft deal and GPU expansion, analysts expect mining revenue to decline over time.
