IREN is trading at $30.64 (10.1% down) following several sessions of heavy selling tied to concerns over its costly AI infrastructure pivot, widening projected losses, and recent negative analyst revisions.
- Broader weakness in tech and AI shares and cautious risk sentiment ahead of the Fed decision are adding further pressure to the stock.
- The downward move is driven primarily by company and sector-specific factors rather than Bitcoin, which has seen flat-to-soft price action.