Bernstein predicts Iren to fully exit crypto mining within years

U.S. investment bank Bernstein has predicted that Iren (IREN), formerly Iris Energy, will completely exit the cryptocurrency mining business within the next few years as it rapidly transforms into a high-speed artificial intelligence (AI) cloud provider, Decrypt reported. Bernstein lowered its price target for IREN to $100 from $125 but maintained its outperform rating. The bank explained that the downward revision of the target price is due to two factors unrelated to Iren's core business outlook: a reduction in the scale of its Bitcoin mining operations and an increase in outstanding shares following a recent stock issuance. Bernstein clarified that its AI-related targets for the company have not been weakened.