IREN is trading 4.1% down in pre-market at $65.03, pulling back after a sharp multi-day rally driven by its $1.6 billion Dell GPU deal for AI cloud expansion.
- The stock is undergoing a consolidation phase following significant gains linked to its strategic shift toward AI infrastructure.
- Downward pressure is exacerbated by overnight weakness in major cryptocurrencies, with Bitcoin falling approximately 2.5–3.3%.