Why Bernstein Just Boosted Its Price Target for Bitcoin Miner IREN

Global investment firm Bernstein has upgraded AI computing company IREN to an 'outperform' rating and raised its price target from $75 to $125 per share. This decision follows IREN's announcement of a significant $9.7 billion cloud services agreement with Microsoft, which allows IREN to leverage Nvidia's powerful GPUs. Bernstein highlighted that this partnership reflects the growing intersection between Bitcoin mining and the AI sector, with miners like IREN benefitting from their unique access to power resources. IREN's shares saw a 2% increase following the announcement, continuing its impressive growth trajectory, having risen 1,000% over the past six months. The deal emphasizes the strategic positioning of Bitcoin miners in a competitive market and underlines their potential to capitalize on developments in AI, despite the challenges of the mining landscape. The growing trend among miners to adapt their infrastructure for AI tasks suggests a significant shift in the sector's future dynamics.

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