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IREN, formerly known as Iris Energy Limited, which recently adopted an AI-focused strategy, is projected to benefit from its move.
As per estimations shared by Bernstein, the Bitcoin mining firm is likely to see a hike in its share prices.
Bernstein's outlook on IREN
IREN stock reflected a gain of 12.86% on Sep. 25. With this, its current price has come to $47.14. Estimations from Bernstein analysts predict that the stock price could hit a historic high of $75.
IREN shares surge on AI Hype
In the last six months, the shares of the Australia-headquartered company have reportedly risen by 500%, making it the largest public BTC miner by market cap. Its shares have also logged 305% year-to-date profit - piggybacking on the AI hype.
IREN has been mining BTC since 2019. Later in November 2021, it went public at $28 per share.
In July this year, the company started funding its pivot into AI. It started building its own AI cloud business in order to reduce the reliance on co-location deals with partners like CoreWeave (CRWV).
More News: The $670 million GPU deal that made it happen
Earlier this week, it has managed to acquire advanced GPUs from Nvidia and AMD - for nearly $670 million - in order to power its AI cloud business. This move gave IREN access to some of the most in-demand chips driving the global AI boom.
As of Sep 25, the company's market cap stands at $12.8 billion.
This article has been published in thestreet.com via Yahoo News.
Analyst resets price target for popular Bitcoin mining stock
Bitcoin miner IREN’s pivot into AI has fueled a 500% stock surge, with Bernstein now predicting shares could hit a record $75.
finance.yahoo.com
