Bernstein Reiterates IREN's Pivot from Bitcoin Mining to $3.7B AI Cloud Business

Bernstein's latest research underscores Bitcoin miner IREN's ongoing pivot from ASIC mining to GPU-based AI cloud infrastructure via a multi-year Microsoft deal. With ~150,000 GPUs contracted and $5.8 billion in investments funded by prepayments and financing, IREN eyes a $3.7 billion annual revenue run-rate upon full deployment. Mining revenue is set to decline as sites shift to higher-margin AI workloads, prompting an Outperform rating and $100 price target—nearly 100% upside from sub-$50 levels—amid industry-wide trends toward AI.