News Summary

• Microsoft signed a $9.7 billion, five-year contract with IREN to secure further AI cloud capacity.
• The deal will give Microsoft access to compute infrastructure built with Nvidia’s GB300 GPUs.
• IREN started off as a bitcoin-mining operation but quickly realized that its massive collection of GPUs was better put to use for AI workloads.
• Last month, Microsoft signed a deal with Nscale for approximately 200,000 Nvidia GB300 GPU to three data centers in Europe and one in the U.S.