[Investment Bank Jefferies: Optimistic About IREN's AI Cloud Business, Predicts 30% Upside Potential] According to a report by Jinse Finance, on June 19, investment bank Jefferies initiated coverage on IREN, a Bitcoin mining company transitioning to AI infrastructure, with a "Buy" rating and a target price of $79, representing approximately 30% upside potential from the current stock price of around $60.50. Jefferies believes that IREN holds unique advantages among publicly listed AI infrastructure peers, primarily due to its extensive global power portfolio (approximately 6 gigawatts), proprietary data center assets, and its rapidly growing GPU cloud business. Currently, the company is utilizing only about 10% of its power resources. Analysts pointed out that IREN's strategy of independently operating AI cloud infrastructure is more valuable in the long term compared to merely leasing data center capacity. Over a 10- to 20-year horizon, its Microsoft-backed AI cloud construction yields a return rate of approximately 21%, compared to just 13% under a hosting model. With contracts from Microsoft and NVIDIA, IREN is expected to achieve approximately $3.1 billion in annual recurring revenue. Recently, IREN has accelerated its global expansion. This week, it announced the acquisition of Spanish AI data center developer Nostrum, adding approximately 490 megawatts of power in Europe. A few weeks ago, it also unveiled plans for an 800-megawatt data center campus in South Australia.