New Delhi, Sept. 19 -- Wall Street is getting serious about the so-called neocloud sector. And it is no mystery why: the artificial-intelligence-as-a-service market could balloon in size in the next eight years.

Northland Equity Capital Markets analyst Nehal Chokshi on Friday initiated coverage of four neoclouds, companies that sell AI computing power. Chokshi placed bullish Outperform ratings on Iren, Boost Run, ChronoScale, and SharonAI.

The analyst placed a price target of $99 on Iren which represented 128% upside from the closing price of $43.48 on Thursday. Chokshi has price targets of $36 on Boost Run, $32 on ChronoScale, and $95 on SharonAI.

Iren stock rose 2.8% to $44.71 on Friday. Boost Run and SharonAI advanced 3.2% and 2.5%,...