JPMorgan double upgrades IREN to overweight as Bitcoin miner pivots to AI infrastructure

JPMorgan analyst Richard Choe just did something relatively rare on Wall Street: a double upgrade. He moved IREN Limited, formerly known as Iris Energy, from Underweight all the way to Overweight, skipping the neutral middle ground entirely. His new price target of $65 represents a 41% jump from the prior $46 mark, and the reasoning boils down to one word: Nvidia. The catalyst is a $5.5 billion deal between IREN and Nvidia that effectively repositions the company as what JPMorgan calls a leading “neocloud provider.” For a firm that built its reputation on Bitcoin mining infrastructure, that’s quite the career change. From hash rates to GPU racks IREN has been systematically converting its power-hungry Bitcoin mining facilities into AI cloud computing centers, leveraging existing electrical capacity and physical infrastructure that would cost competitors years and billions to replicate from scratch. The Nvidia partnership is the headline deal, but IREN has been stacking contracts across the AI ecosystem. New partnerships with Prometheus, Figure AI, and an unnamed frontier AI lab round out a customer base that looks increasingly diversified beyond crypto. Pricing dynamics tell perhap...