IREN Limited (NASDAQ:IREN) stock fell on Friday as big tech earnings reports renewed investor concerns that artificial intelligence infrastructure spending is exceeding justified levels. 8% sector loss.
B. Riley Securities maintained a Buy rating on IREN on Friday while reducing its price target to $64.
• IREN shares are approaching critical lows. What’s pressuring IREN?
com Inc. (NASDAQ:AMZN) and Intel Corp.
(NASDAQ:INTC). Both companies delivered results that missed Wall Street consensus estimates, compounding earlier caution triggered by Microsoft Corp.
(NASDAQ:MSFT) and Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) reporting lower-than-anticipated capital expenditures.
Read Also: Stock Market Today: Dow Jones, S&P 500 Futures Trade Mixed as AMZN, INTC Slide After Q3 Earnings—DELL, LLY, AZN in Focus Hyperscaler Spending Pressures Neoclouds IREN operates as a neocloud provider, constructing and leasing high-performance data center computing capacity. This business model ties the company’s valuation to capital deployment by major technology hyperscalers.
Amazon posted negative free cash flow for a second consecutive quarter alongside top- and bottom-line misses, while Intel delivered lower-than-expected fourth-quarter revenue guidance. During Microsoft’s earnings call, CFO Amy Hood confirmed capacity timing issues.
Hood stated, “some third-party capacity deliveries we expected in the first quarter were delayed,” shifting planned expenditures into the second half. 3 billion security breach, weighing on digital asset equities.
While the company rebranded in late 2024 from Iris Energy to emphasize artificial intelligence, crypto mining still underpins its business. 8 million from AI Cloud Services, according to its annual results.
See More: Top Momentum Stocks Earnings Countdown IREN is set to report its quarterly earnings on Nov. 5.
08 loss reported a year earlier. 29 million in the year-ago quarter.
46 at the time of publication on Friday, according to Benzinga Pro data.
