IREN's stock has surged following Bernstein's decision to raise its price target from $20 to $75, indicating a potential 80% upside. The increase comes as IREN shifts its focus towards its AI cloud business, with ambitions to achieve $500 million in annual recurring revenue by the first quarter of 2026. This strategic pivot has already contributed to a 365% year-over-year rise in IREN's share price. Bernstein's valuation now attributes 87% of IREN's enterprise value to its AI cloud and co-location potential. The company plans to utilize its 3 gigawatt power portfolio to effectively balance its bitcoin mining operations with AI workloads, underscoring its commitment to expanding in the AI sector.