TheBlock
Bernstein has initiated a $100 price target on IREN with an Outperform rating, implying roughly 76% upside from the stock's May 7 close of $56.85 — a call anchored directly to the company's newly announced long-term strategic partnership with NVIDIA. The deal includes a $3.4 billion AI cloud contract covering NVIDIA's internal workloads and grants NVIDIA the right to invest $2.1 billion in IREN equity at $70 per share.
Bernstein analysts led by Gautam Chhugani framed the arrangement as a meaningful technological and capital alignment. By securing NVIDIA as a strategic partner for its 2GW Sweetwater flagship site, IREN gains both architectural backing for advanced AI factory buildout and high-confidence GPU supply as the industry transitions to next-generation hardware platforms. The analysts acknowledged IREN still needs to land an anchor enterprise client for Sweetwater, but argued…
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