IREN Price Target Reduced as Bernstein Anticipates Shift from Bitcoin Mining to AI
Bernstein lowered IREN's price target from $125 to $100, citing the company's planned exit from Bitcoin mining and increased shares outstanding, though it reaffirmed IREN as a top AI-focused pick. The firm highlighted IREN's $1.94 billion annualized revenue contract with Microsoft for 77,000 GPUs and its plans to expand to 275,000 GPUs by 2030.
Topics: AI cloud Bitcoin mining financial projections GPU capacity Microsoft contract stock price target