Defiance Daily Target 2X Long IREN ETF is trading 14.2% down today as its underlying IREN shares continue to give back gains from a recent AI-driven surge.
- IREN is seeing significant profit-taking and mean reversion following a rally sparked by its 800MW AI data center expansion news, with losses amplified by the ETF’s 2x daily leverage.
- Broader weakness in AI and growth names following Broadcom’s post-earnings tech selloff is adding further pressure, intensifying the downside for leveraged AI-exposed products.