12:29 PM EDT, 09/16/2024 (MT Newswires) -- Iris Energy ( IREN ) said Monday it has purchased Nvidia's ( NVDA ) latest generation artificial intelligence H200 graphics processing units to support its AI Cloud Services business.

Iris ordered 1080 GPUs for $43.9 million, with delivery expected in Q4. The acquisition is expected to boost the proportion of AI Cloud Services' contribution to the company's total earnings to around 10% by the end of the year, with expectations that the proportion will continue to grow through 2025, the company said.

The latest purchase increases the company's overall GPU fleet 1,896 units, and the company now expects an annualized hardware profit of $32 million for its AI Cloud Services business by the end of 2024.

Shares of Iris were up over 3% in recent trading, while Nvidia ( NVDA ) shares were down 2.4%.

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