Bernstein has set a $100 price target for IREN Ltd (NASDAQ: IREN) following its new $3.4 billion AI cloud partnership with NVIDIA Corp (NASDAQ: NVDA), suggesting a potential 76% upside from the May 7 closing price of $56.85. The long-term strategic agreement not only provides IREN with crucial AI infrastructure credibility but also enhances its access to next-generation GPU supply, as reported by The Block. Additionally, the deal includes an equity option for NVIDIA to invest $2.1 billion into IREN at $70 per share. Bernstein believes that NVIDIA's involvement significantly bolsters IREN's positioning in relation to its flagship 2GW Sweetwater AI data project. For more details, visit Benzinga.com.