Bernstein Sets $100 Price Target for IREN After $3.4 Billion NVIDIA AI Partnership

IREN0.97%
According to Bernstein analysts led by Gautam Chhugani, the firm set a $100 price target for IREN on Friday following announcement of a $3.4 billion NVIDIA AI cloud partnership that includes a $2.1 billion equity option allowing NVIDIA to invest at $70 per share. With IREN shares closing at $56.85 on May 7, Bernstein's target implies approximately 76% upside. The analysts characterized the deal as a significant technological and capital alignment, noting that the partnership provides IREN's 2GW Sweetwater flagship site with both advanced AI factory architecture support and confidence regarding GPU supply as hardware transitions to next-generation platforms.
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