IREN is trading at $33.69 (7% down) following recent estimate cuts tied to its costly pivot from Bitcoin mining to AI cloud services, which raised projected 2026 losses.
- Analysts have lowered outlooks as the transition to AI infrastructure increases capital expenditure and delays profitability.
- The stock is under further pressure as Bitcoin and Ethereum dropped 3–4% over the last 24 hours, impacting the broader crypto-equity space.
- A soft Nasdaq open and general risk-off sentiment in tech stocks are contributing to the downward momentum.