IREN Stock Tumbles 17% Even as AI Cloud Revenue Nearly Triples. Here’s Why

IREN stock closed at $18.03 on Nov. 5, down 17% from $21.71. Bitcoin mining revenue fell 58% to $28 million as the company winds down mining. AI cloud revenue rose 182% to $200 million, and total revenue hit $228 million. A Microsoft design change pushed the $4 billion ARR target to January 2027.