IREN stock slides as AI data center push meets Nasdaq drop
IREN Limited fell 8.7% to $56.50 early Friday as the Nasdaq dropped and traders weighed its Australian data-center plans. The company secured a $3.65 billion GPU financing facility to support a Microsoft AI cloud contract and plans a new 800-megawatt campus in South Australia. IREN is shifting focus from bitcoin mining to AI infrastructure, with major Nvidia chip orders and projected ARR growth to $4.4 billion.