IREN is trading at $50.80 (+4.97%) on momentum from the Sweetwater 1 site milestone, where the arrival of the final transformer advances the 1,400MW AI power facility toward energization.
- The gain builds on yesterday's 7.13% surge, significantly outperforming the S&P 500 (-0.10%) and NASDAQ (-0.34%).
- The stock is decoupling from broader crypto weakness, with BTC down 1.15% and ETH down 2.98% since the last close.
- The milestone highlights company-specific AI infrastructure progress, shifting investor focus toward the company's power capacity over general market trends.