IREN Stock Drops Over 8% Amid AI Expansion Jitters

Bitcoin mining company IREN Limited saw its shares drop more than 8% in a single session, trading near $31.05 on Wednesday.

The decline erased a significant portion of the gains the stock had posted just over a week earlier and left the shares trading below recent highs.

The sell-off follows a sharp rally earlier this month driven by IREN's announcement of $2.8 billion in new multi-year contracts to supply AI cloud services to artificial-intelligence developers, with management raising its target for annualized AI cloud revenue by the end of 2026 to more than $4 billion.

Analysts remain optimistic despite the drop, with a consensus 12-month price target standing at $75.18 and only one Sell recommendation out of twelve.