Citizens Initiates Market Outperform on IREN Limited (IREN) as it Shifts Focus from Bitcoin Mining to AI High-Performance Computing

REN Limited (NASDAQ:IREN) ranks among the best short squeeze stocks to buy right now. On November 19, Citizens began coverage of IREN Limited (NASDAQ:IREN) with a $80 price target and a Market Outperform rating. The firm emphasized IREN’s strategic shift from bitcoin mining to providing services in the AI industry’s high-performance computing (HPC) segment, emphasizing the company’s “different approach with significant power supply.”

This comes after IREN Limited (NASDAQ:IREN) and Microsoft signed a notable $9.7 billion deal. According to the agreement, Microsoft will employ IREN’s data-center capacity, largely located at its 750-megawatt Childress, Texas facility, to expand its AI cloud services. As part of the contract, Microsoft will make a 20% prepayment, and IREN Limited (NASDAQ:IREN) will purchase around $5.8 billion in GPUs and hardware from Dell to meet rollout requirements.

Citizens noted that, while the GPUaaS model offers quicker returns and greater yield than traditional leasing, it “will also likely become much more competitive over time.”

IREN Limited (NASDAQ:IREN), a Bitcoin mining and AI data center company across North America, provides high-performance computing infrastructure and GPU-based cloud services to enterprises and institutional clients.

While we acknowledge the potential of IREN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.