IREN’s AI Cloud Pivot Draws Bullish Analysts After Earnings
IREN Limited’s Q4 results spotlight a pivot from Bitcoin mining to AI cloud services: AI Cloud Services revenue jumped 907% year-over-year to $70.5M (and more than doubled sequentially), while Bitcoin-mining revenue fell 63% to $66.7M amid a 27% drop in overall revenue to $137.23M. Analysts at Citizens JMP reiterated a Buy with an $80 target (roughly 97% upside) and cited a $4B contracted ARR as evidence the AI transition is gaining traction; H.C. Wainwright also maintained a Buy with a $90 target (about 122% upside). Investors will watch how quickly contracted ARR converts to reported revenue and whether margins and GPU utilization improve as capacity expands, especially since the stock fell about 7% after earnings.