Iris Energy (US:IREN) Yahoo Financeยท2025-10-07 11:24Core Viewpoint - IREN Ltd. (NASDAQ:IREN) has experienced significant stock performance due to increased investor interest in artificial intelligence (AI) stocks, particularly following a supply deal between OpenAI and Advanced Micro Devices Inc. (AMD) [1][2][4]. Group 1: Stock Performance - IREN Ltd. reached a record high of $58.28 during intra-day trading, ultimately closing up 14.45% at $57.75 [2]. - The stock's surge is attributed to the broader trend of investment in AI, driven by aggressive deal-making in the sector [1][4]. Group 2: Strategic Developments - AMD announced a definitive agreement to supply OpenAI with 6 gigawatts of Instinct GPUs, with the first gigawatt expected to be deployed in the second half of 2026 [3]. - OpenAI's expansion efforts have created optimism for companies like IREN Ltd., which is transitioning from Bitcoin mining to AI services by expanding its cloud business [4]. Group 3: Analyst Ratings - IREN Ltd. received an "overweight" rating and a new price target of $75 from Bernstein, representing a 275% increase from the previous target of $20 [4][5]. - The upgrade highlights IREN's unique approach in developing its own AI infrastructure, contrasting with competitors that are pursuing capital-light co-location deals [5].