IREN Shares Slide 9% Friday as AI Bet Hits $3 Billion Mark
IREN shares fell 9.35% to $52.94 Friday after closing a $3.0 billion convertible-note sale tied to its Nvidia-backed AI infrastructure expansion. The stock ended the week down about 13.5% from May 8. IREN’s new partnership gives Nvidia rights to buy up to 30 million shares at $70 each. The Nasdaq Composite dropped 1.5% Friday as tech stocks retreated.