IREN's Double-Bottom Dreams: Can This Ex-Bitcoin Miner Stage a Comeback from $76 to... Well, Somewhere Better

IREN stock has been absolutely destroyed this year, currently lounging at $35.7 after a spectacular faceplant from its all-time high of $76.50. The Bitcoin mining outfit is attempting a glamorous pivot to AI data centers—because apparently every failed crypto operation these days thinks "we'll do AI" is the magic spell to make investors forget the past. So far, the market remains thoroughly unimpressed.

The company made headlines last November when it announced a $9.7 billion partnership with Microsoft. Since then? Crickets. Absolute radio silence. Meanwhile, IREN's competitors have been absolutely feasting while our protagonist waits by the phone. Nebius just casually snagged a $27 billion deal with Meta Platforms in March. CoreWeave walked away looking like a champion with $14.2 billion from the same customer. Even TeraWulf got a pity snack from Google. Meanwhile, IREN's deal apparently exists in the same quantum state as your crypto gains: theoretically there, practically invisible.

No major orders plus an increasingly crowded AI infrastructure space equals IREN getting absolutely wrecked. Short interest has spiked to 16%, which means 16% of shareholders are so convinced this thing goes lower that they're paying to borrow shares just to bet against it. The stock has shed billions in market cap, leaving bagholders clutching their tickets to the AI revolution.

On the bright side—because someone has to find one—IREN is spending big to stay relevant. The company recently committed to purchasing over 50,000 NVIDIA GPUs, bringing its total fleet to 150,000 units. Management projects this hardware will eventually generate a $