10 billion deal: Microsoft reaches agreement with data center operator IREN

Microsoft has signed a $9.7 billion contract with IREN, a data center operator, that will provide access to innovative Nvidia chips. This deal is a significant step for Microsoft, as it provides an opportunity to increase computing power without the need to build new data centers, thus countering two major obstacles to meeting the growing demand for artificial intelligence services.

Source Minfin

The news caused IREN's shares to surge, rising more than 20% on Monday, November 3. The company's market value reached $16.52 billion, indicating the success of the investment. Shares in Dell, which will supply IREN with Nvidia chips, also rose 5%. This indicates a general increase in market interest in the capabilities required for artificial intelligence to function.

This deal highlights the growing demand in the technology and artificial intelligence industries. Microsoft plans to continue investing heavily in expanding its data centers, including plans to spend more than $15 billion in the UAE over the next seven years.