IREN Ltd shares rose on August 12 as strong quarterly results from AI infrastructure peers CoreWeave and Nebius lifted the sector, even though no company-specific catalyst for IREN was confirmed. Bernstein's unchanged $100 price target, maintained by Gautam Chhugani on July 30, remained the highest among roughly 10 analysts tracked by Google Finance and implied substantial upside from the stock's August 11-12 trading levels. The move came as Bitcoin mining economics stayed under pressure, with Glassnode data showing transaction fees accounted for just 0.52% of miner revenue on August 11, the lowest share since 2016, reinforcing the strategic importance of IREN's expansion from Bitcoin mining into AI cloud infrastructure.