Hot-handed bitcoin miner turned AI infrastructure play IREN (IREN) continues to have major upside, according to Wall Street brokerage Cantor Fitzgerald.

"Over the past several months, IREN has heavily leaned into its AI Cloud Services segment," wrote analyst Brett Knoblauch. "This is a business that we believe will ultimately closely resemble that of CoreWeave (CRWV)."

"While shares have done well over the expectation that IREN will entirely focus on its GPU cloud," Knoblauch continued, "we continue to believe there is more room to run."

Knoblauch further noted that on a contracted megawatt basis, IREN is trading at about a 75% discount to its neocloud peer group. A discount is surely warranted given revenue backlog disparity, he said, but the gap should close over time, "resulting in a

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