Microsoft (MSFT) today said it had signed a $9.7 billion purchase agreement for AI cloud capacity from bitcoin miner-turned-neocloud company IREN (IREN). The move marked one of the biggest commercial validations yet for the upcoming neocloud sector — referring to a group of data center firms that evolved from bitcoin mining into artificial intelligence infrastructure. Under the five-year contract, Microsoft will gain access to Nvidia GB300-based AI systems hosted in Texas. IREN, formerly known for its l ...