IREN has entered a $3.4 billion, 5-year AI Cloud contract and a 5GW strategic partnership with NVIDIA (NVDA). As part of the deal, NVIDIA has been granted the right to purchase 30 million shares of IREN at a price of $70 per share. The author maintains a bullish long-term sentiment on IREN, noting that the deal validates a $70 valuation compared to recent trading levels near $43.