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.
IREN Shares Soar as Bernstein Boosts Price Target Amid AI Expansion
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