IREN Just Dropped To $35, And The Market Is Missing The Point

The Techie4.51K FollowersFollow5ShareSavePlay(7min)Comments(3)SummaryI'm upgrading IREN to a strong buy after the sharp pullback that was driven by macro risk-off sentiment rather than company-specific issues.IREN secured over 50,000 additional Nvidia B300 GPUs, raising its AI Cloud annualized run-rate revenue target to $3.7 billion by the end of 2026.With $9.3 billion in recent funding and 4.5 GW of secured power, IREN is well-positioned for AI growth, though execution and the Bitcoin side of the business remain a risk.IREN trades at a significant discount to neocloud peers on forward EV/Sales and EV/EBITDA, making current levels an attractive entry pending technical confirmation.I hereon share my sentiment on IREN and why I'm upgrading the stock to a strong buy at current levels. koyu/iStock via Getty Images IREN Limited (IREN) surged around 13% on Wednesday, after a series of brutal selling sessions that took the stock down over 45% from its November highs near $80 to the high $30s and now consolidating at the low $40s. This article was written byThe Techie4.51K FollowersFollowI’m a retired Wall Street PM specializing in TMT; since kickstarting my career, I’ve spent over two decades in the market navigating the technology landscape, focusing on risk mitigation through the dot com bubble, credit default of ‘08, and, more recently, with the AI boom. In one word, what I’d like my service to revolve around is momentum.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.