New York, January 9, 2026, 13:27 (EST) — Regular trading session
- IREN shares climbed about 4.6% to $47.76, after a choppy session that saw the stock trade between $45.52 and $49.99
- Bernstein analyst Gautam Chhugani singled out IREN as a top AI pick for 2026, TipRanks reported
- Investors are focused on February results and looking for any hint of capital needs linked to the AI buildout
IREN Limited shares climbed about 4.6% on Friday to $47.76, adding to a choppy start to the year for the bitcoin miner turned AI data-center play. In heavy volume, the stock swung between a high of $49.99 and a low of $45.52.
The move matters because IREN has turned into a quick proxy for two trades at once: crypto-linked cash flow and demand for AI compute. When either narrative shifts, the stock usually moves first and asks questions later.
Bernstein analyst Gautam Chhugani told investors to “start 2026 by buying stocks on the dip,” adding that “IREN remains our top AI pick,” TipRanks reported. He also said crypto markets “have bottomed,” and he sees bitcoin at $150,000 in 2026, with a cycle peak at $200,000 the following year. 1
Bitcoin slipped about 0.4% to around $90,800. Crypto miners were mixed, with Marathon Digital down about 1.5%, Riot Platforms up about 2.5% and CleanSpark off about 1.7%.
IREN, based in Australia, runs renewable-powered data centers for bitcoin mining and AI cloud services, with operations in Canada and Texas, according to a Reuters company profile. Microsoft signed a $9.7 billion, five-year AI cloud contract with IREN last year, Reuters reported. 2
The most recent U.S. document on the company’s investor filings page is an S-8 registration statement dated Jan. 2, a form that registers shares for employee compensation plans. 3
But the downside case still hasn’t gone away. IREN’s results remain tied to bitcoin’s price and mining conditions, including shifts in “difficulty” — the built-in adjustment that makes it harder to mine new coins when competition rises — and its AI buildout could squeeze cash flow if costs arrive before revenue.
Next up is earnings. Zacks has IREN reporting on Feb. 11. Traders will be listening for any read on how fast the AI cloud rollout is moving, along with what management says on funding and dilution risk. 4
