New York, Jan 11, 2026, 07:11 EST — Market closed
IREN Limited enters Monday’s session after Bernstein named the Nasdaq-listed bitcoin miner and AI cloud operator its “top AI pick” in a 2026 crypto outlook. Bernstein analyst Gautam Chhugani recommended investors “start 2026 by buying stocks on the dip,” citing a potential “tokenization supercycle” — where dollars and securities become tradable blockchain tokens — as a key driver for the next phase of crypto demand, TipRanks reported. 1
IREN closed Friday up 0.7% at $46.03, after swinging between $45.52 and $49.995 on volume of roughly 41.3 million shares. Bitcoin hovered near $90,641 on Sunday. Among peers, Marathon Digital dropped about 2% Friday, Riot Platforms gained 1.3%, and CleanSpark fell 3.1%. With markets closed over the weekend, investors are left weighing research updates and crypto moves ahead of Monday’s open.
Timing is crucial since crypto-linked stocks often gap at the open when bitcoin moves, with momentum traders then pushing those swings further. IREN straddles the line between digital-asset beta and AI infrastructure—two sectors known for sudden, sharp re-pricing.
IREN builds and operates power-dense data centers tailored for high-performance computing, covering AI cloud services and bitcoin mining. The AI cloud segment involves renting out remote computing power—mostly GPUs—within these facilities. The company claims its data centers run on “100% renewable energy,” backed by renewable energy credit purchases. 2
In November, Microsoft inked a $9.7 billion, five-year deal with IREN to secure Nvidia’s cutting-edge chips, Reuters reported. This contract links IREN deeper into the AI buildout trend boosting parts of the data-center sector. Reuters also noted that the agreement includes a termination clause if IREN misses delivery deadlines. 3
Monday’s key question: Can bitcoin stay close to current levels? Investors might use Bernstein’s call as a reason to add back crypto-sensitive stocks. When bitcoin holds steady, miners generally benefit, but a sharp drop could turn the trade on its head fast.
The downside is clear. Another drop in bitcoin, a wider sell-off in risk assets, or setbacks in converting capacity into steady AI revenue could shift attention back to execution risks and funding challenges.
Looking past the broader macro factors, the next key date is earnings. Zacks has IREN scheduled to report on Feb. 11. That update might shift forecasts around AI cloud growth, expenses, and the mining segment all at once. 4
The next key event is Tuesday, when the U.S. consumer price index for December drops at 8:30 a.m. EST. This data often shifts rate outlooks and, by extension, crypto risk appetite. The Federal Reserve’s upcoming policy meeting is set for Jan. 27-28. 5
