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Bernstein Sets $100 Price Target for IREN After $3.4 Billion NVIDIA AI Deal

GateNews

Stocks AI Tokens

2026-05-09 08:18:49

According to Bernstein analysts, the firm set a $100 price target for IREN on Friday following the announcement of a long-term strategic partnership with NVIDIA that includes a $3.4 billion AI cloud contract and an equity option allowing NVIDIA to invest $2.1 billion at $70 per share. IREN shares closed at $56.85 on May 7, implying approximately 76% upside from that level. Bernstein’s analysts, led by Gautam Chhugani, characterized the deal as a significant technological and capital alignment between the two firms, noting that IREN has improved its competitive positioning for its 2GW Sweetwater flagship site with NVIDIA’s backing for advanced AI factory architecture and GPU supply confidence.

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