IREN spiked 16% and APLD jumped 9% in a technical rebound after both shed over 40% of their value in the past month; meanwhile, WULF added 7% in risk-on Monday morning trading action.
Applied Digital CEO Wes Cummins noted CoreWeave demand helped drive 139% revenue growth as hyperscaler capex climbed from roughly $400 billion to $700 billion.
Core Scientific posted 45% revenue growth with colocation surging 9x year-over-year, while IREN and TeraWulf still carry heavy losses despite the sector bounce.
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Shares of AI infrastructure names are bouncing hard in early Monday trading, led by IREN (NASDAQ:IREN), up 17% to $39.28. Applied Digital (NASDAQ:APLD) is up 9% to $28.06, TeraWulf (NASDAQ:WULF) is up 7% to $19.44, and Core Scientific (NASDAQ:CORZ) is up 7% to $22.31.
The moves come after a punishing stretch. IREN shares fell 42% over the past month into Friday's close, while APLD stock slid 43%, WULF shares dropped 35%, and CORZ stock lost 26%. Today's bounce reads as a technical recovery rather than a fresh catalyst.
There is no confirmed news catalyst behind Monday's rebound in the four former Bitcoin (CRYPTO:BTC) miners turned AI infrastructure operators. The group has been at the center of a sector-wide AI infrastructure de-rating, and each name entered the day trading well below its 50-day moving average. IREN stock, for instance, closed Friday at $33.62 versus a 50-day moving average of $52.71.
The fundamentals underneath the moves remain mixed. IREN's Q3 FY2026 revenue came in at $144.8 million, well short of the roughly $219.3 million analyst estimate, with a net loss of $247.8 million. The bull case rests on a 5-year, $3.4 billion AI Cloud contract with NVIDIA (NASDAQ:NVDA) and a target of 150,000 deployed GPUs by end of CY2026.
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Applied Digital told a different story. Its Q3 FY2026 revenue rose 139% year over year to $126.6 million, with adjusted EBITDA of $44.1 million. Applied Digital CEO Wes Cummins noted that hyperscaler annual capex reportedly grew from roughly $400 billion to nearly $700 billion, with anchor customer CoreWeave (NASDAQ:CRWV) driving Polaris Forge demand.
TeraWulf and Core Scientific are riding similar structural tailwinds. TeraWulf's HPC lease revenue reached $21 million in Q1 FY2026, over 60% of total revenue, backed by anchor tenants including an Alphabet's (NASDAQ:GOOGL) Google credit-supported financing package. Core Scientific posted 45% year-over-year revenue growth to $115.2 million, with high-density colocation surging 9x YoY.
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