IREN
MSFT
NVDA
New deal, new swagger
IREN is getting a fresh wave of Street optimism, and this one comes with a big number: Bernstein slapped a $100 price target on the stock and reiterated its Outperform rating. That’s about 76% upside from the May 7 close, which is the kind of math that makes traders sit up a little straighter in their chair.
Why Bernstein is hitting the gas
The firm’s pitch is pretty simple: IREN’s new $3.4 billion AI cloud partnership with Nvidia changes the narrative. Instead of being “just” another power-rich infrastructure player, IREN now gets something far more valuable in the AI race — credibility, plus better access to next-gen GPU supply.
Bernstein also pointed to the partnership’s $2.1 billion equity option for Nvidia at $70 per share, which is basically Nvidia saying, “We might want more of this, actually.” That matters because IREN still needs anchor customers for its 2GW Sweetwater AI data center project, and having Nvidia in the corner makes that a lot less abstract.
The Microsoft thread keeps humming
Oh, and IREN’s not stopping at the Nvidia lane. Bernstein said the company is still on track with its 200MW Horizon buildout tied to Microsoft, with the first 50MW facility expected online in the third quarter. Add in the recent Mirantis acquisition, and IREN is clearly trying to evolve from hardware landlord to full-on AI cloud operator.
Big picture: the AI infrastructure boom keeps rewarding the companies that can do two things at once — bring the power and keep the GPUs flowing. IREN is now looking a lot more like it belongs in that club.