The news sent shares of IREN up as much as 24.7% to a record high on Monday, with the stock last up nearly 10%. AI-server maker Dell was also up about 1%, as it would provide IREN with Nvidia's GB300 chips and other equipment that Microsoft will use for about $5.8 billion.

Microsoft Corp. is planning to spend more than $7.9 billion on data centers, cloud computing and employees in the United Arab Emirates over the next four years, capitalizing on a US government clearance to ship artificial intelligence chips to the Gulf nation.