IREN Limited (NASDAQ:IREN) stock is surging on Tuesday. This upward momentum caps off a multi-day rally fueled by a fundamental shift in how Wall Street values artificial intelligence infrastructure.

The Shift To Megawatts

While investors initially focused on securing chips from NVIDIA Corp. (NASDAQ:NVDA), the bottleneck has officially moved to energy and grid access. On May 25, Bloomberg Tech reported comments from IREN co-founder and co-CEO Daniel Roberts, who noted that a company building a 1-gigawatt AI factory today likely would not get its first compute online until 2030.

This timeline underscores why infrastructure developers like IREN, TeraWulf Inc. (NASDAQ:WULF), Applied Digital Corp. (NASDAQ:APLD) and Nebius Group N.V. (NASDAQ:NBIS)—alongside power providers like Bloom Energy Corp. (NYSE:BE)—are surging. Investors are increasingly valuing these companies for their access to high-density power rather than just server hardware.

Institutional Conviction Fuels Rally

The infrastructure narrative gained immense credibility following a disclosure from Tudor Investment Corp.’s first-quarter 13F filings. Billionaire hedge fund manager Paul Tudor Jones increased his IREN equity position by 57%, adding 11.58 million common shares to bring his total holdings to 31.8 million shares, valued at nearly $73 million.

Jones shifted away from derivatives, cutting IREN calls by 50%, signaling a long-term bet on physical infrastructure. Speaking to CNBC, Jones stated, “We continue to feel like ’99,” predicting the AI “productivity miracle” has another two years and a 40% market ramp to run.

In-House Marketing Scale

Adding fundamental business layers to the rally, IREN on May 18 acquired its lead external marketing partner, Awaken.

Awaken CEO Chris Parker joined IREN to head its global brand strategy. Roberts noted that bringing these capabilities in-house “was a natural next step as the platform continues to scale” across North America, Europe, and APAC.

IREN Stock Price Activity: Iren shares were up 4.72% at $59.51 during premarket trading on Tuesday, according to Benzinga Pro data.