U.S. investment bank Bernstein released 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 target price from $125 to $100, while maintaining an 'outperform' rating (outperforming market returns). In this regard, Bernstein explained, "The target price downgrade is due to two factors unrelated to IREN's core business outlook: a reduction in Bitcoin mining scale and an increase in the number of shares outstanding due to recent stock issuance, and does not indicate a weakening of AI-related targets."
