IREN stock falls after a 66% monthly gain, reversing part of Friday’s 8% rally on a $3.4 billion NVIDIA partnership.
IREN (NASDAQ:IREN) dropped 9% in early trading Monday, erasing nearly half of Friday’s 8% surge. The decline follows profit-taking after the company announced a $3.4 billion AI cloud contract with NVIDIA and a $2.1 billion share purchase option for NVIDIA.
Shares had rallied to $61.20 on Friday but opened near $55.21 Monday, hitting an intraday low of $55.04. Despite the pullback, IREN remains up 66% over the past month. The stock’s Q3 net losses of $247.8 million, driven by shrinking Bitcoin operations, highlight execution risks for its AI infrastructure expansion.
Early trading suggests consolidation rather than a broader sell-off, with steady supply emerging after the recent rally.