Shares in bitcoin mining and data centre operator Iris Energy (now IREN) slumped after Wall Street giant JPMorgan stripped the high-flying stock of its buy rating, warning investors that lofty valuations have run too far ahead of the company's ability to deliver on its artificial intelligence ambitions.
The downgrade arrives as IREN, formerly known as Iris Energy before its rebrand, trades at multiples that analyst Reginald Smith says simply can't be justified without either a blockbuster computing contract or bitcoin prices shooting significantly higher from current levels.
