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Bernstein Sets $100 IREN Target After $3.4 Billion NVIDIA AI Deal

GateNews
Bernstein analysts set a $100 price target for IREN on May 7, following the company's announcement of a strategic partnership with NVIDIA that includes a $3.4 billion AI cloud contract and a $2.1 billion equity option at $70 per share. IREN shares closed at $56.85 on May 7, implying approximately 76% upside from Bernstein's target. The analysts characterized the deal as a significant technological and capital alignment, noting that IREN gains both advanced AI factory architecture support and confidence regarding GPU supply for its 2GW Sweetwater flagship data center project.
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