According to CoinDesk, Iris Energy (IREN) shares fell nearly 14% yesterday after Culper Research published a short-term sell report. The report pointed out that the Bitcoin miner's site in Childress, Texas is not suitable for artificial intelligence (AI) or high-performance computing (HPC). However, Bernstein pointed out in a research report that the company has already invested most of the planned expansion of the site in Bitcoin (BTC) mining, and the existing power and data center infrastructure is well suited for this purpose. Bernstein estimates that 65% of the company's value comes from Bitcoin mining, and the remaining 35% comes from AI/HPC. Bernstein completely disagrees with the view that mining activities are worthless. The report stated that Iris Energy's potential AI growth mainly comes from the 1.4 GW West Texas site with power interconnection, and the opportunity lies in the monetization of land and power supply. Bernstein said that Iris Energy's current per-megawatt capital expenditure metric is a reflection of Bitcoin mining capital expenditures, and it is meaningless to compare it with AI/HPC capital expenditures. The company’s valuation is in line with other purely mining-driven bitcoin miners such as CleanSpark (CLSK) and Marathon Digital (MARA). Bernstein initiated coverage of Iris Energy earlier this week with an Outperform rating and a $26 price target. On Thursday, the stock closed at $11.20.