Northland Initiates Coverage on Four Neocloud Stocks With Outperform Ratings, Sees AIaaS Market Hitting $4 Trillion by 2034

Northland Equity Capital Markets analyst Nehal Chokshi initiated coverage on four AI-focused "neocloud" operators on Sept. 18, assigning Outperform ratings to Iris Energy (IREN), Boost Run (BRUN), ChronoScale (CHRN) and SharonAI (SHAZ). Chokshi set a $99 price target on Iris Energy, implying 112% upside from its Sept. 18 close of $46.68. Iris Energy shares rose 7.36% on Sept. 18. Boost Run gained 3.54%, SharonAI 1.47% and ChronoScale 1.44%. The bullish calls rest on projected AI-as-a-Service growth. Chokshi estimates the AIaaS market could reach roughly $4 trillion by 2034, above forecasts derived from data center demand for Nvidia (NVDA), Broadcom (AVGO) and AMD chips, which put the market at $853 billion by end-2027. Northland noted AI compute hourly rental prices have risen about 33% since December 2025, while hyperscalers such as AWS (AMZN) and Microsoft (MSFT) still charge roughly three times neocloud rates. JPMorgan upgraded Iris Energy to Overweight from Underweight on Sept. 14, raising its target to $65 from $46.