Iris Energy Limited (IREN) Receives Price Target Hike Given AI and Bitcoin Mining Potential

We recently published a list 15 AI news updates for investors to watch. In this article, we take a look at where Iris Energy Limited (NASDAQ: IREN) stands compared to other AI news updates that investors are watching.

The chip war between the USA and China is in full swing. After it was reported that the US was considering additional restrictions on the export of advanced AI chips to Chinese companies, Beijing responded by saying it would take necessary measures to protect Chinese companies if the US escalated chip control measures. According to a report by Reuters news agency, when questioned about reports that the US plans to add 200 Chinese companies to a trade blacklist, a Chinese government spokesman said that China is strongly opposed to the expansion of the concept of national security and the abuse of control by the Chinese government USA takes measures against Chinese companies.

For more information on these developments, see The 10 Best AI Data Center Stocks And 10 Booming AI Stocks According to Goldman Sachs.

According to Reuters, He Yadong, a spokesman for the Ministry of Commerce, said these measures significantly disrupt the international economic and trade order, destabilize global industrial security and affect China-US cooperation efforts and the global semiconductor industry. If the US insists on expanding control measures, China will take necessary measures to resolutely protect the legitimate rights of Chinese companies, he added. The report adds that the US fears China is using chips to bolster its military capabilities.

READ ALSO: 30 The most important AI stocks according to BlackRock And Beyond the Tech Giants: 35 Non-Tech AI Opportunities.

For this article, we selected AI stocks by reviewing news articles, stock analysis and press releases. These stocks are also popular with hedge funds. Why do we care about the stocks hedge funds invest in? The reason is simple: Our research shows that we can outperform the market by mimicking the top stock picks of the best hedge funds. Our quarterly newsletter strategy selects 14 small-cap and large-cap stocks each quarter and has returned 275% since May 2014, outperforming its benchmark by 150 percentage points (Further details can be found here).

A table full of technology, with Bitcoin mining equipment and a laptop with a financial chart.

Number of hedge fund owners: 28

Iris Energy Limited (NASDAQ: IREN) owns and operates Bitcoin mining data centers. It also offers high performance computing solutions including Al cloud services. On November 27, Cantor Fitzgerald increased the stock’s price target from $20 to $23 and maintained an Overweight rating. Based on the company’s year-end hash rate estimates, Iris trades at a lower enterprise value-minus Bitcoin/hash rate multiple than pure-play Bitcoin miners, despite having legitimate AI/HPC potential, the report told investors with. Additionally, Iris is expected to take over as the low-cost mining company in our coverage by year-end, says Cantor.

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