Bernstein sets $100 IREN target after $3.4 billion NVIDIA AI deal
The Block
Bernstein analysts set a $100 price target for IREN following its strategic $3.4 billion AI cloud partnership with NVIDIA.Summary
Bernstein has set a $100 price target for IREN, signaling a 76% upside potential following a major strategic partnership with NVIDIA. This deal includes a $3.4 billion AI cloud contract and gives NVIDIA the option to invest $2.1 billion at $70 per share. Analysts emphasize that the partnership provides IREN with critical technological support and secured GPU supply for its 2GW Sweetwater project. Furthermore, IREN’s recent acquisition of Mirantis and progress on a data center for Microsoft reinforce its shift toward becoming a vertically integrated cloud operator, with projected AI cloud annual recurring revenue of $3.7 billion by 2026.
(Source：The Block)