Bitcoin mining company IREN has reported a record quarterly earnings, driving its stock up nearly 14% in after-hours trading. The surge was fueled by robust Bitcoin mining revenue, exceeding previous year’s figures by 226%, resulting in $176.9 million in net income for the quarter. This growth comes alongside IREN’s strategic shift towards artificial intelligence (AI), partnering with Nvidia as a ‘Preferred Partner’, enabling access to their cutting-edge GPU technology. IREN aims to capitalize on this shift, aiming to generate up to $200-$250 million in annualized AI revenue by December. This ambitious goal is being pursued through the deployment of 10,900 GPUs, a significant expansion from its previous count of 1,900. Previously, IREN faced criticism for overpromising and under-investing in AI while their stock price was impacted by short-selling firm Culper Research’s report.