Iris Energy (US:IREN) Benzingaยท2025-10-09 07:13Core Viewpoint - Prominent investor Eric Jackson has labeled IREN Ltd. a "100x wealth machine" due to its strategic shift from Bitcoin mining to supporting the AI sector [1][2]. Company Positioning - IREN is positioned as a crucial infrastructure provider in the growing AI economy, with Jackson emphasizing that the real value lies in companies supplying the necessary computing power rather than just AI model creators [2][3]. - The company has successfully transformed its data centers into "AI cloud factories," leveraging high-demand Nvidia GPUs [3]. Investment Thesis - Jackson projects a significant price increase for IREN, forecasting a rise from $9 to $900 per share, viewing this as a long-term investment rather than a short-term trade [3][4]. - He anticipates IREN achieving over $500 million in annual recurring revenue by early 2026, supported by a substantial hardware investment of 23,000 GPUs [4]. Underlying Strengths - IREN possesses 2,900 MW of power capacity, which Jackson argues is a foundational strength that the market is currently overlooking [5]. - The focus on AI applications often neglects the importance of the companies that provide the necessary power, which is where IREN stands out [5]. Stock Performance - IREN's stock experienced a decline of 2.58% to $60.09 per share, but it has seen a remarkable increase of 474.47% year-to-date and 700.13% over the past year [5].