Shares of IREN Ltd (NASDAQ: IREN) are falling sharply Friday after JP Morgan downgraded the stock from Neutral to Underweight. The downgrade is injecting caution into a stock that has been on a meteoric rise, putting the brakes on a rally that has exceeded 500% over the past six months.
What To Know: The sell-off contrasts with bullish sentiment from earlier in the week. Investors had celebrated IREN’s aggressive pivot to AI infrastructure, highlighted by a $674 million purchase of high-performance GPUs from Nvidia and AMD. The company also raised its outlook, targeting over $500 million in AI cloud annualized run-rate revenue by the first quarter of 2026.
