NEW YORK — NVIDIA and IREN Limited announced a landmark strategic partnership May 7, 2026, to accelerate deployment of up to 5 gigawatts of next-generation AI infrastructure, sending ripples through the market and sparking intense debate among investors: which stock offers the bigger upside, the AI chip giant or the ambitious data center operator?

The collaboration combines NVIDIA’s cutting-edge accelerated computing platforms and DSX AI factory architecture with IREN’s expertise in power procurement, land development and large-scale data center operations. The partnership aims to build massive AI factories across IREN’s global pipeline, with a flagship focus on the company’s 2-gigawatt Sweetwater campus in Texas.

Under the agreement, IREN will provide NVIDIA with a five-year managed GPU cloud services contract valued at approximately $3.4 billion for the chipmaker’s internal AI and research workloads. In return, NVIDIA received a five-year warrant to purchase up to 30 million IREN shares at $70 each, representing a potential $2.1 billion equity investment subject to regulatory approvals and performance milestones.

The scale is staggering. Five gigawatts represents one of the largest single infrastructure commitments in the AI sector to date, enough to power millions of advanced GPUs and support surging demand from hyperscalers, AI-native startups and enterprise customers. NVIDIA’s DSX architecture, designed for highly efficient, liquid-cooled AI factories, will serve as the blueprint for deployments.

For NVIDIA, the deal extends its reach beyond chip sales into deeper ecosystem control. By securing dedicated capacity and taking an equity stake, the company ensures reliable infrastructure for its own workloads while accelerating adoption of its full-stack solutions — including networking, software and reference designs. This vertical integration strategy helps address the chronic power and data center constraints slowing AI growth.

IREN, formerly a Bitcoin mining company rebranded as a renewable-powered data center operator, gains validation from the AI leader. The partnership bolsters its transition into high-performance computing and provides a clear path to scaling its AI Cloud business. IREN has already secured significant power capacity — more than 4.5 gigawatts in North America — and is deploying tens of thousands of NVIDIA GPUs across sites in Texas and Canada.

Market reaction was immediate and telling. IREN shares surged more than 20% in after-hours trading following the announcement before settling with strong gains in subsequent sessions, reflecting excitement over the revenue visibility and strategic backing. NVIDIA stock traded modestly higher, buoyed by continued demand for its hardware but tempered by its already massive market capitalization.

Analysts see complementary strengths. NVIDIA dominates the GPU market with its Blackwell and upcoming Rubin platforms, but faces bottlenecks in physical infrastructure. IREN brings renewable energy expertise, rapid deployment capabilities and a willingness to co-invest in gigawatt-scale projects. The $3.4 billion cloud contract alone could contribute hundreds of millions in annual recurring revenue for IREN as capacity comes online.

The deal also includes IREN’s recent acquisition of Mirantis to enhance its AI Cloud orchestration capabilities, further strengthening its service offerings. Combined with existing hyperscaler contracts, IREN is targeting ambitious annualized revenue run rates in the billions by the end of 2026.

Investors weighing NVIDIA versus IREN must consider risk-reward profiles. NVIDIA offers proven execution, massive scale and leadership in a secular AI boom, but its valuation leaves less room for explosive multiple expansion. IREN, while higher risk as a former crypto miner executing a major pivot, presents asymmetric upside if it successfully delivers on the 5GW roadmap and captures a meaningful share of the AI infrastructure market.

Challenges remain for both. Power availability, grid connections and construction timelines pose hurdles for gigawatt-scale builds. Regulatory scrutiny over energy consumption and potential dilution from IREN’s financing plans — including recent convertible debt offerings — have caused short-term stock volatility. NVIDIA must manage supply chain dynamics and competition from custom silicon efforts by hyperscalers.

Broader industry context underscores the deal’s significance. Global AI infrastructure spending is projected to reach trillions over the coming decade as companies race to train and deploy ever-larger models. Partnerships like this signal a shift toward tighter collaboration between chip designers and infrastructure providers to overcome bottlenecks.

For NVIDIA shareholders, the move reinforces the company’s platform dominance and creates new revenue streams through ecosystem participation. For IREN investors, it provides a credible partner to de-risk expansion and attract additional capital. Many market watchers view the collaboration as a blueprint for future deals in the sector.

As of mid-May 2026, both stocks reflect optimism around AI’s long-term trajectory. NVIDIA continues trading near all-time highs with strong institutional support, while IREN’s volatility offers opportunities for growth-oriented investors comfortable with execution risk. Analysts maintain varied targets, with some highlighting IREN’s potential to rerate higher as milestones are achieved.

The partnership highlights evolving dynamics in the AI supply chain. No longer content with selling chips, NVIDIA is actively shaping the physical infrastructure layer. For IREN, the alliance accelerates its metamorphosis into a major AI cloud player backed by renewable energy advantages.

Looking ahead, execution will determine winners. Successful deployment at Sweetwater and other sites could trigger further upside for both companies. Additional partnerships or expansions may follow as demand for AI compute shows no signs of slowing.

In the immediate term, investors must balance NVIDIA’s relative stability against IREN’s higher-beta potential. The 5GW vision represents more than a single deal — it signals confidence in scalable, sustainable AI infrastructure as foundational to the next technological era. Whether through the chipmaker’s steady compounding or the data center operator’s growth acceleration, the announcement underscores profound opportunities in the AI value chain.

PayPal agreed to forgo approximately $30 million in transaction fees to end a Justice Department probe into allegations that the financial services company had adopted unlawful preferences for minority-owned businesses.

Justice Department officials had been investigating whether the company violated a federal civil rights law that prohibits creditors from discriminating against applicants based on race. The department’s probe targeted PayPal’s $530 million plan to support Black and minority-owned businesses, which the company created in 2020, shortly after the killing of George Floyd by a police officer prompted a nationwide conversation about racial inequality.

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The S&P 500 and the Nasdaq gained ground on Wednesday with a ​boost from artificial intelligence-related tech shares, which helped markets look past hotter-than-expected inflation data and the growing probability that the Federal Reserve will hold to its restrictive monetary policy for the foreseeable future.

The S&P 500 and the Nasdaq reversed earlier declines to notch fresh record closing highs, as chip stocks rebounded from Tuesday’s decline.

Six of the Magnificent Seven ‌group of AI-related megacaps posted ⁠solid gains.

“In ⁠the face of continued hot inflation data, technology remains resilient,” said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska. “And after some weakness yesterday, the chip stocks came ​soaring back today.” A report from the Labor Department showed producer prices jumped by 1.4% last month, the largest monthly increase in four years. While the surge was ​largely driven by crude supply disruption due to the closure of the Strait of Hormuz, the report showed soaring oil prices are beginning to seep into other segments of the economy, and suggested that rising inflation is becoming pervasive. Recent inflation data is dousing any remaining hopes for a near-term ​rate cut from the Federal Reserve. In fact, Boston Fed President Susan Collins said on ⁠Wednesday that a ‌rate hike could be in the cards if inflation pressures fail to subside. Kevin Warsh, President Donald Trump’s nominee ​to succeed Fed Chair Jerome ​Powell, was confirmed by the Senate in a vote along party lines.

“I would just be careful to ⁠not overlook the risk of a more prolonged period of inflation and elevated interest rates,” ​said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Southfield, Michigan. He added that ​the PPI report “reinforces the inflation risk narrative and at least makes the case for a longer pause at the Fed.”

TRUMP, MUSK, HUANG AND XI Trump arrived in Beijing, along with an entourage that included Nvidia Chief Executive Officer Jensen Huang and Elon Musk, ahead of a two-day summit with his Chinese counterpart Xi Jinping. Topics on the agenda include urging Xi to “open up” to U.S. businesses and maintaining a fragile trade truce. Trump will also seek to bolster his approval rating, which has been battered by the Iran war and resulting surge in energy prices.
Nvidia and Tesla ‌shares advanced on the day. The meeting occurs amid China’s warnings regarding U.S. arms sales to Taiwan and criticism over proposed legislation that would make it harder for Chinese chipmakers to produce AI semiconductors.”President Trump took almost a small army ​with him to meet with ​the Chinese leaders and President Xi,” ⁠Detrick said. “With all the negative news about Iran, he wants to walk away from this meeting in China with potentially some significant deals.”

According to preliminary data, the S&P 500 gained 43.18 points, or 0.58%, to end at 7,444.14 points, while the Nasdaq Composite gained 316.54 points, or 1.21%, ​to 26,404.74. The Dow Jones Industrial Average fell 66.93 points, or 0.13%, to 49,693.63.

Morgan Stanley raised its annual target for the S&P 500 index to 8,000 from 7,800, saying U.S. stocks have enough room to rally as companies continue to post strong earnings. Nebius Group jumped after the AI cloud firm reported a nearly eightfold rise in quarterly revenue.

EchoStar climbed the day after the Federal Communications Commission’s approval of the $40 billion sale of wireless spectrum to SpaceX and AT&T.

Cryptocurrency firms Coinbase and Strategy were dragged down by weakness in bitcoin and ethereum .

Operator

Hello, and welcome to the pre-recorded discussion of Nomad Foods First Quarter 2026 Earnings Results. We have posted the accompanying press release and investor presentation on Nomad Foods website at noomadfoods.com. I’m Jason English, Head of Investor Relations and Corporate Strategy, and I’m joined by Dominic Brisby, our CEO; and Ruben Baldew, our CFO.

In addition to these remarks, we’ll host an analyst Q&A session today at 8:30 a.m. Eastern. A replay of this webcast and our subsequent Q&A session will be available on the Investor Relations section of our website. These prepared remarks will include forward-looking statements that are based on our view of the company’s prospects, expectations and intentions at this time. Actual results may differ due to risks and uncertainties which are discussed in our press release, our filings with the SEC, and in our investor presentation which includes cautionary language.

We’ll also discuss non-IFRS financial measures during the call today. These non-IFRS financial measures should not be considered a replacement for and should be read together with IFRS results. Users can find the IFRS to non-IFRS reconciliations within our earnings release and in the appendices at the end of the slide presentation available on our website.

Please note that certain financial information within this presentation represents adjusted figures. All adjusted figures have been adjusted primarily for, when applicable, share-based payment expenses and related employer payroll taxes, exceptional items, foreign currency translation charges or gains and hedge ineffectiveness. Unless otherwise noted, comments from here will refer to those adjusted numbers.

With that, I’ll hand it over to Dominic.

Dominic Brisby
CEO & Director

Thank you, Jason, and hello, everyone. I’m happy

NEW YORK — ESPN analyst Kendrick Perkins delivered a provocative take Tuesday on “Get Up,” declaring that LeBron James, Stephen Curry and Kevin Durant have no realistic path to another NBA championship for the rest of their careers, labeling the three future Hall of Famers as “dead birds” in the title conversation.

“Let’s have a moment of silence for the ones that passed away, the dead,” Perkins said on the May 12, 2026, episode. “LeBron, Steph, and KD, they’re dead birds, tall grass when it comes to them ever stepping foot on the big stage again as far as winning a NBA championship. Those days are over. Neither one of those guys for the rest of their NBA careers will win another championship.”

The comments immediately ignited debate across sports media and social platforms, spotlighting the twilight years of three transcendent stars who have combined for 11 championships and reshaped the NBA over nearly two decades. At ages 41 (James), 38 (Curry) and 37 (Durant), all three remain active but face mounting questions about their ability to lead contenders deep into the postseason.

James, the NBA’s all-time leading scorer, is weighing his future with the Los Angeles Lakers after another early playoff exit. Speculation swirls about whether he will return for a 24th season or retire as the league’s most accomplished player. Perkins’ remarks come as James navigates father-son dynamics with Bronny and contemplates legacy preservation.

Curry, the greatest shooter ever, led the Golden State Warriors to another competitive season but fell short of championship contention. The Warriors’ window appears narrower despite Curry’s enduring brilliance and leadership. His four titles, all with Golden State, cemented his dynasty status, yet Perkins suggests that chapter has closed.

Durant, now with the Houston Rockets after stints in Brooklyn and Phoenix, continues posting elite scoring numbers but has not advanced past early playoff rounds since leaving the Warriors. Perkins has previously questioned Durant’s post-Golden State legacy, amplifying scrutiny around his championship hopes.

Perkins, a former Boston Celtics champion and vocal ESPN personality, built his media career on blunt, headline-grabbing opinions. His latest take aligns with a pattern of challenging aging superstars’ futures while praising the league’s younger generation. Critics quickly accused him of seeking attention, while supporters argued the assessment reflects current roster realities and injury risks.

The NBA landscape has shifted dramatically. Younger stars like Nikola Jokic, Luka Doncic, Giannis Antetokounmpo, Jayson Tatum and Anthony Edwards now anchor true contenders. Teams prioritize athleticism, two-way versatility and depth over individual brilliance in the twilight of long careers. Play-in chaos and parity further complicate paths for veteran-led squads.

James’ Lakers, despite flashes of brilliance, struggle with consistency and supporting cast questions. Curry’s Warriors rely heavily on his gravity but lack the firepower of their 2010s peak. Durant’s Rockets show promise but remain a work in progress amid roster transitions. None currently project as clear favorites in upcoming playoffs.

Yet history cautions against writing off legends prematurely. James dragged undermanned teams to Finals appearances late in his 30s. Curry reinvented offenses at an advanced age. Durant’s scoring touch remains unmatched. All three have defied Father Time before, fueling pushback against Perkins’ finality.

Social media erupted with memes, polls and counterarguments. #DeadBirds trended alongside defenses of each player’s remaining prime. Former players and analysts weighed in, with some agreeing the window has narrowed while others highlighted motivation and potential roster moves. James’ camp has not responded directly, maintaining focus on family and business ventures.

Perkins’ history with these stars adds context. A Celtics rival during Boston’s 2008 title run, he later developed relationships through media and player circles. His commentary often blends respect with tough love, though detractors label it overly pessimistic or performative. Earlier this season, he stirred debate by suggesting a 41-year-old James beating Durant’s Rockets would solidify GOAT status over Michael Jordan.

League insiders note shifting dynamics. Free agency and draft capital favor youth movement. Luxury tax concerns and load management limit veteran minutes. Medical advancements extend careers, but playoff intensity exposes decline. Only exceptional supporting casts can elevate aging cores to contention.

For James, retirement speculation intensified after recent postseason disappointment. A potential 2026-27 return could pair him with younger talent, but championship odds remain long. Curry signed extensions signaling commitment to Golden State’s rebuild-around-veterans approach. Durant’s future appears fluid amid Houston’s youth movement.

Perkins’ declaration underscores broader NBA storytelling. The league thrives on narratives of rise, peak and decline. Legends transitioning from contenders to mentors or role players marks natural evolution. Fans cherish final chapters even without fairy-tale endings.

Defenders of the trio point to intangibles. Leadership, basketball IQ and experience compensate for lost explosiveness. Strategic rest, specialized training and rule changes favoring offense could extend windows. Roster construction around complementary pieces remains possible in a star-driven league.

Critics counter with data. Advanced metrics show declining efficiency in key areas for all three. Playoff win probabilities drop sharply for teams led by players over 35 without elite support. Recent seasons reinforce the trend toward younger dynasties.

The comments arrive amid 2026 playoffs, heightening stakes. As contenders battle without these icons dominating headlines, Perkins’ words reflect a perceived passing of the torch. Yet NBA history is littered with premature eulogies. Michael Jordan, Kobe Bryant and others delivered late-career magic.

Perkins framed his take as realism rather than disrespect. “Those days are over,” he repeated, urging acceptance of new realities. Whether prophetic or premature, the statement guarantees continued debate as each star navigates his final seasons.

James, Curry and Durant have already secured legacies few athletes match. Multiple MVPs, scoring titles, Olympic gold and cultural impact transcend additional rings. Their influence on today’s game — from spacing to player empowerment — endures regardless of future hardware.

As the NBA evolves, Perkins’ bold call serves as a flashpoint. It forces reflection on greatness, mortality in sports and the difficulty of sustaining excellence. Fans will watch closely to see if any of the three can prove the analyst wrong one final time.

For now, the moment of silence Perkins requested echoes loudly. The stars he declared finished retain agency to author different endings. In a league built on drama, their responses — on or off the court — will write the next chapter.