🔴 IREN is trading 6.1% down in pre-market amid AI-cloud spending concerns

IREN is trading at $24.65, down -6.10% in pre-market, as AI-cloud and neocloud stocks face pressure amid questions about AI spending and returns.

• Reporting linked sector weakness to Alphabet’s results and concerns about infrastructure spending.
• Bitcoin is -2.91% and Ethereum -3.65% since the prior close; Reuters reported both fell after Binance disclosed a security breach.
• No new IREN-specific catalyst was identified for the pre-market move.