IREN shares rose by 9.26% to $43.43 on August 12, despite low Bitcoin transaction fees contributing only 0.52% of miner revenue.
The company's shift in capacity from Bitcoin mining towards AI cloud infrastructure seems to be paying off.
Bernstein analyst Gautam Chhugani maintained a Buy rating with a $100 price target on IREN, citing the company's expanding presence in the AI market.
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