Two Growth Stocks Powering AI Data Center Expansion
Artificial intelligence is driving a surge in demand for data center infrastructure, with projections showing significant global capacity needs by 2030. Iren (IREN), formerly known as a crypto miner, has pivoted to meet this growing need and secured a $9.7 billion deal with Microsoft covering 200 megawatts of its Childress facility. The company is on track for substantial annual recurring revenue from the site in late 2024 and plans to expand further into 2026, aiming for $4 billion annually. Micron (MU) is also capitalizing on AI demand through memory chips that are essential for modern computing needs. Despite a significant year-to-date price increase, Micron remains undervalued in the market due to its strong performance and growth potential. Both Iren and Micron represent key players in supporting the infrastructure required by artificial intelligence advancements. Investors with $1,000 looking into AI-related opportunities may find these two stocks particularly appealing as they are positioned at the forefront of this technological shift.
Topics: AI data centers energy infrastructure stock analysis