IREN shares surge 11.43% intraday after $9.7B Microsoft AI cloud deal and analyst upgrades boost growth expectations.

IREN surged 11.43% intraday following a $9.7B, five-year AI cloud contract with Microsoft, which analysts link to the company’s strategic pivot from Bitcoin mining to AI infrastructure. The deal, highlighted in analyst reports, underscores IREN’s potential as a neocloud provider, supported by a fair value estimate of $94.84 (vs. $57.82 close) and a 44.84% 30-day return. Concurrently, TSMC’s strong AI-chip earnings and capex plans reinforced bullish sentiment around AI demand, further boosting IREN’s shares. Analyst upgrades, including a $136 price target from Cantor Fitzgerald and a "Buy" rating from HC Wainwright, amplified positive momentum. Despite broader market volatility in pre-market sessions, intraday buying reflected confidence in IREN’s AI infrastructure growth narrative and execution potential amid favorable industry tailwinds.