Why Bernstein Just Boosted Its Price Target for Bitcoin Miner IREN

Global investment firm Bernstein raised its price target for IREN, an AI computing company, to $125 from $75 following a significant $9.7 billion cloud services agreement with Microsoft. Bernstein rated IREN as 'outperform,' highlighting the company's exclusive access to power as a competitive advantage. IREN’s share price saw a rise of about 2% after the announcement, reflecting investor confidence. The collaboration will grant Microsoft access to Nvidia's advanced GPUs for a five-year period. Bernstein's analysts noted that crypto miners like IREN are in a favorable position due to their unique power capabilities, which enable them to leverage opportunities in the growing AI sector. This partnership aligns with broader trends where mining companies are increasingly pivoting towards AI data centers, although transitioning to AI operations presents its own challenges. IREN's upward trajectory was further fueled by a 1,000% increase in share price over the past six months, showcasing strong market interest amid industry challenges in Bitcoin mining.

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