Akamai Technologies saw its stock jump approximately 23% in premarket trading on Friday after announcing a massive $1.8 billion, seven-year AI infrastructure contract with an unnamed leading frontier model provider. The deal overshadowed a mixed earnings report and underscored growing institutional demand for AI-focused cloud services. Akamai CEO Tom Leighton called the agreement a validation of the company’s role in the AI economy, noting the client’s long-term commitment.
Meanwhile, Bitcoin miner IREN (formerly Iris Energy) climbed 8.11% to $61.46 as part of a broader rally in AI-adjacent stocks. IREN, which has pivoted heavily toward AI data center services while maintaining its Bitcoin mining operations, has now surged more than 707% over the past year. The stock’s rise came on a day when AI and semiconductor names attracted strong buying, while high-valuation software firms fell sharply.
Qualcomm also gained 8.80% on AI chip demand, and Rocket Lab surged 23.44% on defense and launch momentum. In contrast, Cloudflare slid 22.5%, HubSpot dropped 21.4%, and CoreWeave fell 12.38% despite strong yearly gains. The market action highlights a clear differentiation between infrastructure providers and pure software companies, with AI infrastructure remaining a key driver.
For crypto investors, IREN’s performance signals that Bitcoin miners with AI exposure are increasingly viewed as hybrid plays on both digital assets and the artificial intelligence boom. Akamai’s $1.8 billion deal further cements the long-term demand for high-performance computing infrastructure that can support both AI workloads and, indirectly, scalable blockchain operations.