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Iris Energy has appointed John Gross as Chief Innovation Officer to drive the development of high-performance data centers for AI applications. This strategic move aims to transition from Bitcoin mining to AI infrastructure, with a goal of deploying 140,000 GPUs by the end of 2026, supported by a $9.7 billion cloud contract with Microsoft.

The appointment comes after disappointing Q2 results, with revenue of $184.7 million falling short of analyst expectations. However, Iris Energy secured $3.6 billion in funding and will be included in the MSCI USA Index starting February 27.