Iren, Hut, and Nebius surged across the board, with Nvidia leading the way in spending, as tech giants pour massive orders into "AI Cloud."

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The new wave of computing power arms race is reshaping the landscape of cloud computing, and the "neocloud" track is seeing intensive catalysts.

Overnight, shares of IREN and Hut 8 both jumped sharply, rising over 19% and 10% respectively, as both companies announced large AI cloud computing contracts with tech giants. Meanwhile, NVIDIA disclosed in SEC filings that it holds 9.3% beneficial ownership of Nebius, boosting market sentiment, and Nebius' shares rose after hours. The three news items combined to energize the entire neocloud sector.

The core logic of this rally is: the demand for GPU computing power from cutting-edge AI models, AI agents and robotics companies is expanding continuously, while the pace of data center construction by hyperscale cloud service providers is falling behind, thus opening a massive market space for independent neocloud operators.

IREN: $2.8 Billion Contracts in Hand, Annual Target Raised

On Monday, IREN announced it had signed new multi-year cloud computing contracts with several AI developers, with a total value of $2.8 billion. Boosted by this news, IREN shares rose as much as 16% in early trading, eventually widening gains to over 19%.

The company simultaneously raised its annual target, increasing its annualized operating income target for AI cloud services from $3.7 billion to over $4 billion, 85% of which is supported by signed contracts. It is reported that IREN's clients include Microsoft, NVIDIA, Perplexity, and Figure AI. The company plans to expand data center capacity from the current 480 MW to 1.2 GW by 2027.

IREN was formerly an Australian bitcoin mining company (Iris Energy), later transformed into AI computing, and self-built renewable energy-powered data centers, becoming one of the representative companies in the current neocloud wave.

Hut 8: Texas Campus Fully Leased, 15-Year Contract Worth $9.8 Billion

On the same day, Hut 8 announced that its Beacon Point data center campus in Texas had been fully leased, signing a 15-year lease valued at $9.8 billion with an unnamed high investment-grade enterprise. The tenant doubled its contracted computing power capacity to 704 MW.

It is reported that including extension options, the potential total value of the agreement may exceed $50 billion, with the total value of the 15-year contract reaching $19.6 billion.

Hut 8 also originated from Canadian bitcoin mining. Its stock has risen more than fourfold over the past 12 months, though recently pulled back—by last Friday's close, it had fallen over 30% from the early June peak. B. Riley analyst Nick Giles wrote in a research report: "Given that we expect the shares to quickly return to their previous highs after this announcement, we recommend aggressive buying."

Nebius: NVIDIA Owns 9.3%, Institutions Optimistic About $30 Billion Revenue in 2030

Nebius' catalyst comes from equity. NVIDIA disclosed in SEC filings that it holds about 9.3% beneficial ownership in Nebius, consisting of 1.19 million existing shares and about 21 million prefunded warrants, corresponding to a value of about $2 billion.

Although this holding relationship is not entirely new information, the formal disclosure still gave a clear boost to market sentiment, sending Nebius' shares higher after hours. Wolfe Research predicts Nebius' annual revenue will reach $30 billion by 2030. The company previously recorded a year-over-year revenue increase of 684%, and has long-term agreements with Meta and Microsoft, with contract backlogs in the billions and over 3.5 GW of locked-in power capacity.

Driven by sector momentum, neocloud leader CoreWeave also rose about 3.5% on Monday, and Nebius gained about 2.6% in the day.

Track Logic: Power, GPU and Clients—Whoever Moves Fastest Wins

The concentrated surge of these three companies reflects the key competitive elements in the neocloud track: power resources, GPU supply, and client-locking capability. Structural bottlenecks in hyperscale cloud service providers' data center construction are creating sustained bargaining power for independent operators able to rapidly integrate these resources.

For investors, the signal this rally sends is: The AI infrastructure spending of tech giants is rapidly spilling over to third-party neocloud operators, and NVIDIA's direct investment in Nebius further strengthens the market's confidence in the long-term value of this track.

Risk Warning and DisclaimerThe market has risks; investment must be done cautiously. This article does not constitute personal investment advice, nor does it take into account individual users’ specific investment objectives, financial circumstances, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular situation. Investing based on this is at your own risk. ```