Bernstein sets $100 IREN target after $3.4 billion NVIDIA AI deal

Bernstein analysts have issued a new price target of $100 for Iris Energy (IREN), a Bitcoin mining company, following the announcement of a substantial $3.4 billion cloud contract with NVIDIA. This strategic deal is cited as the primary catalyst, with analysts projecting a significant 76% implied upside for IREN based on this development. The valuation adjustment reflects the positive impact of this large-scale partnership on Iris Energy's financial outlook and operational capabilities within the Bitcoin mining and digital infrastructure landscape.