Iren Limited (IREN +8.72%) shares may be getting a bit of a boost along with other tech sector names today, but the stock of the artificial intelligence (AI) infrastructure company has tanked this week.
Shares of the Bitcoin miner turned AI cloud infrastructure owner have plunged nearly 20% this week as of midday Friday, according to data provided by S&P Global Market Intelligence.
Image source: Getty Images.
Pain in Bitcoin and AI
The cryptocurrency mining infrastructure Iren established enabled it to support the expansion of additional data centers filled with servers for AI computing. Bitcoin isn't central to Iren's investing thesis anymore, but it still matters. For the quarter ended Dec. 31, 2026, Bitcoin mining revenue still represented 90% of total revenue.
The sell-off in Bitcoin this week thus hit Iren harder than some other AI cloud names. AI cloud revenue more than doubled, but it is still coming from a low base. While there was good news for investors in the earnings report, Iren stock couldn't avoid being swept into this week's market trend of selling tech and Bitcoin.
NASDAQ: IREN
Key Data Points
The highlight of the report was the news that 95% of the financing for the capital spending needed for GPU (graphics processing unit) purchases under its large Microsoft contract is in place. That includes Microsoft's prepayment of nearly $2 billion.
But the company didn't announce any new AI deals, and that likely disappointed investors. That, along with the Bitcoin sell-off, explains the carnage in Iren stock this week.
