Jim Cramer Calls IREN “Too Hot”

Group 1 - IREN Limited (NASDAQ:IREN) has recently experienced a significant stock rally of 380%, with Jim Cramer commenting on its profitability and potential pivot to AI data centers [1] - The company operates renewable energy-powered data centers and engages in Bitcoin mining, structured as a vertically integrated platform focusing on sustainable infrastructure and digital asset mining [1] - Bernstein analyst Gautam Chhugani raised the stock price target for IREN from $20 to $75, reiterating an Outperform rating, indicating a positive outlook on the company's performance [1][2] Group 2 - IREN is shifting from traditional Bitcoin mining to developing its own AI cloud vertical, which will require substantial capital expenditures, GPU leverage, and effective execution in a competitive market [2] - Bernstein has acknowledged that it previously underestimated IREN's capabilities in the AI cloud business but now sees enough progress to support a re-rating case for the company [2]