Bernstein: networking market forecasted to grow to $254 billion in 2030E, up from $120 billion in 2026E. Cloud/Data Center expected to see the strongest networking growth of 38.8% CAGR from 2026-2028E. $CSCO $NVDA $CIEN $LITE $COHR

Bernstein’s $IREN valuation: IREN’s valuation is based on a sum of the parts approach 1) Value IREN’s AI cloud business using ~14x EV/ Adjusted EBITDA’27E 2) Value IREN’s 3.6GW additional power at ~$3M/MW. 3) Value IREN at 8.5x EV/EBITDA’28E to arrive at $100 price target

Bernstein on AI Infrastructure: We continue to be positive on AI in both the short, medium, and long-term, and see upside to AI infrastructure exposed names $NBIS $IREN $CRWV $CIFR $WULF $RIOT Short-term: The AI infrastructure trade is about the willingness of AI data center operators to keep spending Medium-term: AI infrastructure on whether AI demand is sufficient to drive a healthy ROI for data center ROI. We believe that the assumptions needed to underwrite this are not aggressive. Long-term: it’s hard to have deep conviction, but we see model scaling as the key leading indicator, and the scaling laws look intact. Accordingly, we skew positive.