Bernstein Raises Price Target for Bitcoin Miner IREN Following Microsoft Deal
- Investment firm Bernstein increased its price target for IREN from $75 to $125, citing an “outperform” rating.
- IREN’s share price rose about 2% on Tuesday, trading at over $69.
- IREN signed a $9.7 billion cloud services agreement with Microsoft, providing access to Nvidia’s NVIDIA GB300 GPUs over five years.
- Bitcoin miner Cipher Mining announced a $5.5 billion lease agreement with Amazon Web Services for AI workloads.
- Bitcoin was trading at approximately $101,320, down by about 5.8% in the past day and over an 11% decline in the past week.
The substantial cloud services deal between IREN and Microsoft highlights how mining companies are leveraging their computing power to tap into the growing AI sector despite differing operational demands from traditional crypto mining activities.
Bernstein’s revised price target underscores confidence in IREN’s strategic positioning within both the cryptocurrency and AI markets, driven by its robust power access capabilities and significant industry partnerships like that with Microsoft.(Source)
