Overview

• Shares hit an intraday peak of $58.28 and closed at $57.75 on Monday, extending a run of roughly 400% year to date.
• Investors are betting on IREN’s transition into AI infrastructure, including a large GPU purchase from Nvidia and AMD that management says underpins its revenue target.
• Sector sentiment improved after AMD said it signed a definitive agreement to supply OpenAI with 6 gigawatts of Instinct GPUs, with the first gigawatt expected in the second half of 2026.
• Bernstein raised its rating to overweight with a $75 price target, while other analysts have floated targets up to $82, even as valuation concerns persist.
• JPMorgan’s recent downgrade to underweight highlighted the debate over IREN’s valuation, though the stock continues to trade well above its 50-, 100-, and 200-day moving averages.