Bernstein Says IREN Pivot to AI Cloud Could Drive $3.7B Revenue
Cointelegraph
Bernstein analysts report that IREN's strategic transition to AI cloud infrastructure, supported by a Microsoft deal, could generate $3.7 billion in annual revenue.Summary
A recent Bernstein report suggests that IREN is transforming from a Bitcoin mining firm into an AI infrastructure provider. By leveraging a significant deal with Microsoft and deploying approximately 150,000 GPUs, IREN is projected to reach a $3.7 billion annual revenue run rate. The company plans to sunset its Bitcoin mining operations by retrofitting existing power infrastructure in Texas and British Columbia to support higher-margin AI computing workloads. Consequently, Bernstein has assigned an "Outperform" rating to IREN stock with a $100 price target, anticipating substantial growth as the firm pivots its business model.
(Source：Cointelegraph)