Prominent investor Eric Jackson, founder of EMJ Capital, has made a vocally bullish case for IREN Ltd. (NASDAQ:IREN), labeling the company a “100x wealth machine” due to its rapid and decisive pivot from Bitcoin (CRYPTO: BTC) mining to powering the artificial intelligence sector.
Check out IREN’s stock price here.
IREN’s Pivot To AI Positions It For Success
In a series of posts on X (formerly Twitter), Jackson, known for his calls on companies like Carvana Co. (NYSE:CVNA) and Opendoor Technologies Inc. (NASDAQ:OPEN), positioned IREN as a crucial infrastructure provider in the burgeoning AI economy.
Jackson's core thesis is that the most durable value lies not with AI model creators, but with the companies providing the immense computing power they require.
“The AI boom will mint a new generation of giants. But it’s not the model builders — it’s the compute providers,” he stated, highlighting that IREN has expertly converted its data centers into “AI cloud factories.”
He praised the company's execution, noting it pivoted to high-demand Nvidia Corp.‘s (NASDAQ:NVDA) Blackwell GPUs “faster than anyone in North America.”
Jackson Sees IREN From $9 To $900
Jackson framed the investment as a long-term play on essential infrastructure, dismissing short-term trading mentalities and setting a dramatic price trajectory. “$9 –> $900 is just math + time,” he projected, as he entered the position when the stock was trading at $9 per share.
He concluded with a powerful statement of conviction, solidifying his view of IREN as more than just a stock pick: “That’s not a trade. That’s a 100x wealth machine.”
Jackson Projects $500 Million ARR For IREN By 2026
Supporting his bold claims with figures, Jackson pointed to IREN's significant hardware investment, with 23,000 GPUs now online or on order, projecting over $500 million in annualized recurring revenue by early 2026.
He emphasized the company’s underlying assets, including 2,900 MW of power capacity, as a foundational strength the market is overlooking. He argued that while many focus on AI applications, the real opportunity is in the background. “Everyone talks about AI models — few understand who powers them. That’s $IREN.”
Price Action
Shares of IREN fell 2.58% to end at $60.09 per share on Wednesday, and rose by 2.19% in after-hours. It has risen 474.47% year-to-date and 700.13% over the year.
Benzinga's Edge Stock Rankings indicate that IREN maintains a stronger price trend in the short, medium, and long terms, with a poor value ranking. Additional performance details are available here.
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, rose on Wednesday. The SPY was up 0.60% at $673.11, while the QQQ advanced 1.15% to $611.44, according to Benzinga Pro data.
The futures of the S&P 500, Dow Jones, and Nasdaq 100 indices were trading higher on Thursday.
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