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

Core Insights - IREN Limited (NASDAQ:IREN) is recognized as a top short squeeze stock, with Citizens initiating coverage and setting a price target of $80, highlighting a strategic pivot from bitcoin mining to AI high-performance computing services [1][2] - A significant $9.7 billion deal has been signed between IREN Limited and Microsoft, where Microsoft will utilize IREN's data-center capacity to enhance its AI cloud services, including a 20% prepayment and a commitment to purchase $5.8 billion in GPUs and hardware from Dell [1] Company Overview - IREN Limited operates as a Bitcoin mining and AI data center company across North America, providing high-performance computing infrastructure and GPU-based cloud services to enterprises and institutional clients [2] Market Dynamics - The GPU-as-a-Service (GPUaaS) model is noted for offering quicker returns and higher yields compared to traditional leasing, although it is expected to become increasingly competitive over time [2]