We recently published a list of 15 AI news updates investors are watching. In this article, we'll take a look at where Iris Energy Limited (NASDAQ:IREN) stands with respect to other AI news updates investors are paying attention to.
The chip war between the US and China is in full swing. In response to reports that the United States is considering additional restrictions on the export of advanced AI chips to Chinese companies, the Chinese government has responded that it will take necessary actions to protect Chinese companies if the United States tightens chip regulations. Ta. When asked about reports that the US plans to add 200 Chinese companies to a trade blacklist, a Chinese government spokesperson said the US is expanding its concept of national security and controlling China strongly opposes the abuse of power, he said. Measures targeting Chinese companies.
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According to Reuters, Commerce Ministry Spokesperson He Yadong said such actions would seriously disrupt the international economic and trade order, destabilize global industrial security, and damage cooperation efforts between China and the United States as well as the global semiconductor industry. He said he would give it. He added that if the United States insists on tightening regulations, China will take the necessary actions to resolutely protect the legitimate rights of Chinese companies. The report further added that the US is concerned that China will use the chips to enhance its military capabilities.
Also read: BlackRock's 30 Most Important AI Stocks and Beyond the Tech Giants: 35 Opportunities for Non-Tech AI.
In this article, we selected AI stocks by examining news articles, stock analysis, and press releases. These stocks are also popular among hedge funds. Why are we interested in stocks that hedge funds invest in? The reason is simple. Our research shows that by mimicking the top stock picks of the best hedge funds, you can outperform the market. Our quarterly newsletter strategy selects 14 small- and large-cap stocks each quarter and has returned 275% since May 2014, outperforming the benchmark by 150 percentage points (Learn more ).
Iris Energy Limited (IREN) raises price target on the back of AI and Bitcoin mining potential
A table full of technology with bitcoin mining equipment and a laptop displaying financial graphs.
Number of hedge fund holders: 28 people
Iris Energy Limited (NASDAQ:IREN) owns and operates Bitcoin mining data centers. It also offers high performance computing solutions, including Al cloud services. On November 27, Cantor Fitzgerald raised their price target on the stock from $20 to $23 and maintained their “overweight” rating on the stock. Based on the company's year-end hashrate estimates, Iris has a lower enterprise value-excluding Bitcoin/hashrate multiple than pure Bitcoin miners, despite having legitimate AI/HPC potential. trading, the advisory told investors. Additionally, Kanter says Iris is likely to take over the reins as a low-cost miner in our coverage before the end of the year.
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Overall, IREN ranks 13th among the list of AI news updates that investors are watching. While we see IREN's potential as an investment, we believe some AI stocks have a better chance of delivering higher returns over shorter time periods. If you're looking for AI stocks that are more promising than IREN but are trading at less than 5x earnings, check out our report on the cheapest AI stocks.
Read next: 8 Best Widemot Stocks to Buy Now and 30 Most Important AI Stocks, According to BlackRock
Disclosure: None. This article was originally published on Insider Monkey.
