JP Morgan upgraded IREN to overweight with a $65 target due to strong AI cloud revenue growth and key partnerships.

we look here at Iran Iren, I don't know exactly. I R E N, right? How do you say it anyhow? And let's talk about this name. >> Uh it's a neo cloud provider here. Um it's getting a bullish view today.

It's not reflected in the share price because as you mentioned, we've been watching stocks under pressure that are part of the AI story. This is one that was originally a Bitcoin miner story, but it's now turning into an AI infrastructure story.

And JP Morgan Chase is not just becoming bullish, they're becoming very bullish. It's a double upgrade this morning from JP Morgan Chase for this uh what's turning into a neo cloud provider.

Uh they're upgrading it to overweight from underweight. They've raised their price target to 65. That's all the way up from 46. So that implies more than 40% upside from Friday's closing levels.

Again, we're watching pressure. We've been watching pressure on the neo cloud providers like uh Nebius, like Equinix this morning amid that, you know, those existential questions that have been coming up about the AI arms race uh triggered by comments from the heads of Anthropic and uh OpenAI from this weekend through today.

Uh so JP Morgan Chase turning bullish, they see Iren as a top tier neo cloud provider. That's a quote. Competing in the AI infrastructure market. Um they point out that its AI cloud revenue grew 110% sequentially in the fiscal fourth quarter.

Has contracts and partnerships with Nvidia, Microsoft. They say that strengthens its credibility um and gives it the potential to attract more customers. Uh so they see it having a competitive advantage in this space.

Um so they have the power the data centers uh to do and become an important player in the AI infrastructure build out is what they say.

But again, it's not the bullish view is not reflected in the share price because of what you mentioned, the pressure that we're watching across the AI story today. >> A nice double upgrade and saying it's a top-tier name and a $65 target at $42.

So, it really shows a lot of confidence in this name, but a tough environment today for any of the tech stocks overall.