IREN shares rose 6.13% to $45.23 in premarket trading Thursday, extending a multi-day recovery as broader equity markets rebounded after Wednesday's hawkish Federal Reserve interest rate decision. The move followed JPMorgan's two-notch upgrade from Underweight to Overweight and a $65 price target, with analysts citing IREN's expanding Nvidia cloud infrastructure partnership, neocloud pricing power, and data center capacity. Investors are also reassessing IREN's $702.6 million fiscal 2026 net loss, which included $638.8 million in primarily non-cash impairment charges related largely to retiring lower-margin Bitcoin mining equipment. The move is intended to redirect grid access and site capacity toward high-performance computing and AI workloads, including the 2-gigawatt Sweetwater Hub integrated into ERCOT on September 8. IREN raised its calendar 2026 annual recurring revenue target to $4.0 billion from $3.4 billion, while AI Cloud Services revenue increased to $128.8 million in fiscal 2026 from $16.4 million in fiscal 2025. The company faces continued scrutiny over its projected $30 billion capital buildout through mid-2027 as 10-year Treasury yields remain near 5% and restrictive monetary policy raises financing costs.