By Dean Seal

Shares of Iris Energy climbed after the company said it will triple its existing artificial-intelligence cloud services business with the purchase of hundreds of Nvidia chips.

The stock opened 18% higher at $8.16. Shares are now back in positive territory year-to-date.

The renewable-energy bitcoin miner said Wednesday morning that it has purchased 568 more Nvidia H100 GPUs, bringing its total count up to 816.

Doing so should expand the company's AI cloud services business, which is seeing growing demand, Iris said.

The stock rise comes after the price of Bitcoin jumped 4% in the last 24 hours.

Write to Dean Seal at

(END) Dow Jones Newswires

02-14-24 1004ET