Why Is IREN (IREN) Stock Price Up 9.86% Today, August 12? CoreWeave and Nebius Earnings Lift AI Cloud Shares

IREN rallied on an AI-infrastructure sector read-through after strong earnings from CoreWeave and Nebius reinforced confidence in sustained AI compute demand. While there was no new company-specific catalyst, IREN's prior disclosure of $2.8B in multiyear AI cloud contracts and an increased 2026 ARR target provided supportive context. Near-term trading sensitivity remains tied to peer demand signals, funding conditions, and delivery execution for power, GPUs, and capacity.