New York, January 9, 2026, 17:55 EST — After-hours
- IREN shares were up about 0.7% after the bell after a choppy session that briefly tested $50.
- A Bernstein note highlighting crypto “dip-buying” and IREN’s AI tilt helped keep the stock on traders’ screens.
- Investors are watching bitcoin’s next move and IREN’s next quarterly update for progress on its AI cloud build-out.
IREN Ltd shares edged higher in after-hours trading on Friday after a Bernstein analyst again flagged the company as a preferred way to play the overlap between bitcoin mining and AI data centers. The stock was up 0.7% at $46.03.
The call matters because the trade in crypto-linked miners has been brittle, and anything that shifts expectations for bitcoin or data-center demand tends to hit the group fast. IREN has increasingly been valued by some investors less like a pure miner and more like a power-and-compute developer.
That mix can cut both ways. When bitcoin pulls back, miners get hit; when AI spending looks stretched, “compute” names wobble. IREN sits in the middle of both.
Bernstein analyst Gautam Chhugani described IREN as his “top AI pick” in a 2026 crypto outlook and urged clients to “buy stocks on the dip,” according to TipRanks. The note also laid out a bullish path for bitcoin this year, which often spills into miner equities. 1
Bitcoin was last around $90,514, down 0.7% from the prior close. In after-hours moves among U.S.-listed miners, Marathon Digital was down about 2% while Riot Platforms was up about 1%.
IREN’s pitch to investors is no longer just hash rate. Microsoft struck a roughly $9.7 billion contract with IREN tied to AI cloud capacity and access to Nvidia’s advanced processors, Reuters reported previously. 2
Still, the downside case is straightforward: the build-out behind AI cloud requires cash and tight execution, and delays or cost overruns can sour sentiment quickly. A sharp drop in bitcoin would also squeeze miner economics and can overwhelm any “AI” narrative in the short run.
Traders now look to IREN’s next results window — expected on Feb. 11, according to Zacks — for updates on GPU rollout (graphics chips used for AI work) and any fresh detail on AI cloud run-rate revenue targets. 3
