Microsoft Agreement Strengthens IREN's Artificial Intelligence Goals

Canaccord stated that the $9.7 billion GPU cloud contract made by IREN with Microsoft is a true game changer for the Bitcoin miner.

The broker raised the price target for IREN shares from $42 to $70.

Additionally, it was emphasized that the Sweetwater 1 project continues to be an important short-term catalyst as it accelerates IREN's artificial intelligence infrastructure.