IREN Drops Again After AI Cloud Plans Get Costlier
IREN shares dropped 7.2% to $49.15 Monday after the company acquired its marketing partner Awaken, folding the agency into its operations. The decline followed IREN’s $3 billion convertible-note sale last week to fund a major data-center expansion for AI services. Quarterly revenue fell and net loss widened as the company shifts from Bitcoin mining to AI cloud infrastructure.