10 Trending AI Stocks on Wall Street

7. Iren Ltd. (NASDAQ:IREN)

Number of Hedge Fund Holders: 52

Iren Ltd. (NASDAQ:IREN) is one of the 10 Trending AI Stocks on Wall Street. On January 13, H.C. Wainwright analyst Mike Colonnese double upgraded the stock from Sell to Buy with a price target of $80.00. Firm analysts see a transformative year ahead for IREN, with $9.7B Microsoft AI deal and 2GW dev pipeline serving as key drivers.

Firm analysts anticipate the AI infrastructure trade to continue serving as a major investment theme in 2o26. Factors driving this momentum include hyperscaler capex budgets, accelerating demand for near-term access to large-scale power, and positive investor sentiment.

Colonnese believes that IREN offers the most leveraged exposure across its coverage universe since it has already secured one of the largest AI contracts to date among BTC miners with a blue-chip counterparty. This, he noted, isn’t fully priced into shares.

Meanwhile, IREN has also secured a $9.7B, five-year AI cloud deal with Microsoft which the firm anticipates to be fully monetized by the end of 2026 and generate an estimated $1.94B in ARR once 200 MW of critical IT capacity are deployed at Childress data center.

Firm analyst also highlighted how IREN has more than 2GW of incremental capacity to be energized by 2027, offering the company a pathway for AI colocation growth. The stock’s correction from its all-time highs in early November presents an attractive opportunity for investors.

“We would not be surprised to see the company announce new AI contracts in 2026 on a portion of this secured capacity. Meanwhile, the stock has corrected by ~35% from its all-time highs in early November 2025, presenting an attractive entry point for investors, as we see it. We also note that the company raised $2.3B of fresh capital via convertible offerings last month, adding to its $1.8B cash position (as of the end of October 2025) to support the buildout of its AI data centers at Childress.”

Iren Ltd. (NASDAQ:IREN) operates 100% renewable energy-based data centers across Australia and Canada.