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IREN shares drop but AI cloud deals with NVIDIA and Microsoft boost 35% upside potential.

Analyst Insights
22 May 2026
24/7 Wall Street
View Source
Bullish
pluang ai news

IREN shares fell recently but remain up 26.4% year-to-date, driven by strong AI cloud service growth and major contracts with NVIDIA and Microsoft totaling $13.1 billion. Despite missing Q3 revenue estimates and posting a net loss due to hardware impairments, IREN expects $3.7 billion in annual recurring revenue by the end of 2026, with $3.1 billion already contracted. The company’s partnerships and planned equity injection support a bullish price target of $64.62, implying 35% upside, though risks include revenue misses, negative cash flow, and execution challenges in power delivery projects.

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