IREN Ltd shares plummeted over 41% during the past month. A broader sell-off in AI and technology stocks accelerated the decline. Meta Platforms’ reported entry into AI cloud services created new competitive threats.
Investors are criticizing an early July decision to award two co-CEOs a combined $800 million restricted stock unit package. This compensation plan sparked concerns regarding corporate governance and shareholder dilution. The company requires significant capital for its strategic pivot from cryptocurrency mining to AI infrastructure.