10 Worst Artificial Intelligence Stocks Under $30 According to Short Sellers

7. IREN Ltd. (NASDAQ:IREN)

IREN Ltd. (NASDAQ:IREN) is one of the 10 worst artificial intelligence stocks under $30 according to short sellers.

On June 18, Jonathan Petersen from Jefferies initiated his coverage of IREN Ltd. (NASDAQ:IREN). Peterson set the target price at $79 and assigned a Buy rating to the stock. He reported that Iren has successfully executed an interesting strategic shift, using its substantial land bank power on a long-term basis, along with a vertically integrated approach for its GPU cloud.

The analyst also pointed out that Iren has a great deal of flexibility, since it owns both the land and data centers. This enables it to satisfy client demands with products ranging from fully built GPU cloud solutions to powered shell facilities. These factors make the company stand out within the AI infrastructure space.

Back on June 4, Nick Giles from B. Riley increased the target price on IREN Ltd. (NASDAQ:IREN) from $88 to $96. The analyst maintained a Buy rating on the stock. As per Giles, Iren finalized an agreement involving a transmission connection for a data facility in South Australia, with 800 MW capacity.

Through this move, the company activated its pipeline within the Australian market in relation to its prior engagement with Nvidia. This enabled it to strengthen its alleged first-mover advantage in a market where demand for AI compute is surpassing infrastructure because of its capabilities in localized execution.

IREN Ltd. (NASDAQ:IREN) operates 100% renewable energy-based data centers across Australia and Canada. These data centers are vertically integrated and facilitate the company’s bitcoin mining operations. The company is now capitalizing on its mining assets and infrastructure for other functions such as AI cloud and high-density computing.