Iris Energy Shares Drop 38% as Bitcoin Miner Bets on AI Pivot

Iris Energy ($IREN) shares dropped 38% to 41% from the prior month, recently around $34.83, as the Bitcoin miner pivots to AI-focused data centers. Despite the pullback, the stock is still up about 95% to 96% over 12 months. Investors weigh near-term execution risks against a potentially larger long-term addressable market.