IREN Limited (NASDAQ:IREN) stock traded higher on Wednesday, driven by sector momentum following quarterly earnings from Neocloud peers. CoreWeave Inc. (NASDAQ:CRWV) stock rose 18.2% after reporting second-quarter revenue of $2.58 billion, up 112% year-over-year.

Nebius Group N.V. (NASDAQ:NBIS) stock increased 15.67% after posting revenue of $582.3 million.

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Earnings Reports Exceed Expectations

CoreWeave raised full-year guidance to between $12.4 billion and $13.2 billion, with backlog reaching $104 billion.

Nebius Group reported positive adjusted EBITDA of $236.2 million. Both companies reported that near-term capacity is sold out.

GPU Infrastructure Demand Rises

Neocloud providers rent graphics processing units for artificial intelligence workloads.

This GPU-as-a-service model provides access to Nvidia Corp. (NASDAQ:NVDA) hardware. IREN Limited converted power infrastructure from Bitcoin (CRYPTO: BTC) mining to artificial intelligence hosting.

Balance Sheet Financial Metrics

CoreWeave recorded a net loss of $626 million and interest expense of $640 million. Nebius posted a net loss from continuing operations of $190.4 million.

IREN Stock: Key Levels and Momentum Analysis

IREN is trading above its 20-day SMA ($38.15), but it remains 7.5% below its 50-day SMA ($45.73) and about 10% below both the 100-day ($46.99) and 200-day ($47.28), keeping the intermediate trend in “repair mode.” The death cross that formed in August (50-day SMA below the 200-day SMA) is still an overhead headwind, so rallies often need multiple sessions of follow-through to change the longer-term tone.

RSI is 52.06, which points to neutral momentum rather than an overbought squeeze—room for continuation if buyers keep pressing, but not a “stretched” reading that forces a cooldown on its own.

  • Key Resistance: $43.50 — a nearby pivot area that sits just above the current price and can cap rebounds before the stock challenges the 50-day SMA zone
  • Key Support: $37 — a nearby floor that lines up with a prior buyer-defense area and sits closer to the 20-day trend support

IREN Price Action: Iren shares were up 7.17% at $42.60 at the time of publication on Wednesday, according to Benzinga Pro data.

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