Investment bank Bernstein has issued a sharp analysis regarding the recent selloff in shares of Iris Energy (IREN), asserting that the decline is fundamentally tied to investor disappointment over the lack of major Artificial Intelligence (AI) compute deals rather than the company’s core financial performance. According to the firm’s analysts, the market reaction suggests investors are penalizing IREN for failing to immediately secure a large-scale contract to utilize its newly deployed high-performance computing (HPC) infrastructure, a segment Iris Energy has heavily emphasized for future growth.
Bernstein explicitly stated that IREN’s earnings remain robust, particularly within its legacy Bitcoin mining segment. However, this stable performance is being overshadowed by the market’s focus on the high-growth AI thesis. The report highlights a crucial shift in the investment narrative: while IREN originated as a Bitcoin miner, the analysts believe that Bitcoin mining operations are now viewed merely as a source of stable cash flow intended to fund the capital expenditures necessary for AI infrastructure build-out. Consequently, Bitcoin’s role is “no longer central to the investment case,” which is now predicated almost entirely on securing high-margin, long-term AI contracts.
For IREN shares to realize their new valuation potential, Bernstein argues that the firm must successfully convert its HPC capacity into contracted revenue by landing a major AI customer. Until such a deal is announced, volatility and pressure on the stock are expected to persist.
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