Iren Jumps After Bernstein Names It Top AI Pick for 2026

Overview

• Iren closed at $50.33, up 9.34% on Monday, after Bernstein’s Gautam Chhugani labeled the stock his top AI pick for 2026.
• The company’s five-year agreement with Microsoft is expected to generate about $1.94 billion in annual revenue by hosting NVIDIA GB300 GPUs at its Childress, Texas campus with projected 85% EBITDA margins.
• Management is targeting April 2026 energization of the Sweetwater site to add 1.4 gigawatts of capacity and aims to deploy 140,000 GPUs by year-end, supported by roughly 3 gigawatts of secured power.
• Q1 fiscal 2026 revenue rose 355% year over year to $240.3 million, while EPS missed at negative $0.34 versus a $0.14 consensus.
• Nineteen analysts rate the stock a Moderate Buy with an average price target of $67.64, and recent moves include a $1 billion convertible note raise to fund the buildout.