U.S. investment bank Bernstein published a report, predicting that IREN (formerly Iris Energy) is rapidly transforming into a high-speed artificial intelligence (AI) cloud provider and is expected to completely exit its cryptocurrency mining business within the next few years. According to Decrypt, Bernstein downgraded IREN's price target from $125 to $100, while maintaining its 'outperform' rating (exceeding market returns). In this regard, Bernstein explained, "The downgrade in the price target is due to two factors unrelated to IREN's core business outlook: a reduction in Bitcoin mining scale and an increase in outstanding shares due to recent stock issuance, and does not indicate a weakening of AI-related targets."
