$IREN: 200 EMA Reclaimed With $4B of ARR, $61.50 TargetIREN LimitedBATS:IRENCedric_InvestsSetup: IREN is trading at $44.06, up roughly 50% off the July 29 bottom and back above the 200 day EMA it spent most of the summer under. The AI infrastructure space is running hot right now, with CRWV, NBIS and CIFR all delivering, and IREN is the furthest along the same bitcoin mining to AI compute transition. Earnings land in about two weeks. Why the fundamentals support this: ✅ AI Cloud ARR target raised from $3.7B to over $4B, with ~85% already under contract ✅ $3.4B five year AI cloud contract with NVDA ✅ NVIDIA also holds a $2.1B investment structure tied to actual GPU deployment ✅ $2.8B in new multi-year contracts signed with leading AI developers ✅ AI Cloud revenue up 94% quarter over quarter ✅ Customer list includes Microsoft, NVIDIA, Perplexity, Figure AI and Together AI ✅ 5GW expansion pipeline The gap worth watching: Q3 revenue came in at $144.8M against $219.87M expected, a 34% miss. That looks alarming until you see why: bitcoin mining is being wound down deliberately and faster than AI cloud revenue is replacing it. It's the same transition gap CIFR is walking through right now. The difference is what sits on the other side. IREN has over $4B of annualized run rate contracted, with Nvidia both a customer and an investor. The revenue isn't missing, it's arriving late. Bias: Long above the 200 EMA. Trading above support zone. Target $61.50, which is 38% from here and the level price was rejected from twice in 2026. Invalidation on a close below $34 support, the zone that held in December, April and again in late July. Timeframe: Multi-week to multi-month. Earnings in two weeks is the near-term catalyst, but the thesis is the ARR conversion showing up in reported revenue over the next few quarters.