IREN Limited is in the news after Nvidia announced it would invest up to $2.1 billion in a deal to deploy 5 gigawatts of AI infrastructure globally. The shares of the energy company are now under the spotlight after the partnership with the world’s leading GPU and AI chip manufacturer. IREN stock is currently trading at the $56 level and has risen nearly 54% in the last six months. This year alone, it went from a low of $31 to a yearly high of $62.
Now that IREN stock is more than halfway to $100, when will the energy-based equity reach triple-digits in the charts? It needs to almost double in price to get to the target, and it is not impossible, as it spiked more than 700% in a year. The equity was trading at $6 in May last year, providing power to Bitcoin miners. As the business model shifted to supplying energy to AI data centers, it experienced an unprecedented surge.
Also Read: Nvidia Stock To Gain From $500M Deal With Corning, $2.1B in IREN
IREN Stock To $100? Here’s the Timeframe
Leading brokerage firm Zachs has given a bullish price target for IREN stock after Nvidia’s $2.1 billion deal. According to the price prediction, IREN is projected to breach the $100 mark and reach a high of $125 next. That’s an uptick and return on investment (ROI) of approximately 120% from its current price of $56. An investment of $1,000 could turn nearly $2,200 if the bullish price prediction turns out to be accurate.
Around 10 Wall Street analysts have given IREN stock a strong buy rating, with three others urging traders to hold. The development indicates that IREN could also soar similarly to other AI-infrastructure firms like Micron, SanDisk, and Vertiv, among others. Therefore, IREN being below $100 is cheaper compared to the other AI-based companies. The next-generation belongs to the AI sector, and an early investment could go a long way.