IREN Ltd (NASDAQ:IREN) could have significant upside ahead, with Bernstein citing the company’s new $3.4 billion AI cloud partnership with NVIDIA Corp (NASDAQ:NVDA) as catalst for its $100 price target.
The new target, with a reaffirmed outperform rating, implies roughly 76% upside from IREN’s May 7 closing price of $56.85.
NVIDIA Partnership Changes The Story
Bernstein analysts said the long-term strategic agreement gives IREN both critical AI infrastructure credibility and stronger access to next-generation GPU supply, The Block reported on Friday.
The deal also includes an equity option allowing NVIDIA to invest $2.1 billion into IREN at $70 per share.
According to Bernstein, NVIDIA’s involvement materially strengthens IREN’s positioning around its flagship 2GW Sweetwater AI data …
