Iren (IREN) Drops 12.4% as AI Data Center Valuation Doubts Mount
As seen on the 24/7 Wall St. homepage on July 31, 2026.
Heavy selling in regular trading hours erases early gains; investors reassessing whether the AI data center bet can deliver at current valuations.
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Iren opened the session at $40.43 before sellers took firm control, pushing the stock steadily lower throughout regular trading hours to $35.40. The decline erased what had been early gains and represented one of the sharper single-session moves the stock has seen, with price action showing little sustained recovery despite a few brief bounces mid-session.
The sell-off reflects a broader reassessment among investors of whether Iren's AI data center strategy can justify its current valuation. That kind of sentiment shift — where a thesis remains intact but the market decides the price has run too far ahead of it — tends to produce sharp, orderly declines rather than a single panicked flush, which is consistent with what the intraday chart showed.
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For anyone watching the stock, the key question going forward is whether today's move resets the valuation to a level buyers find compelling, or whether it marks the beginning of a longer period of pressure as investors wait for clearer evidence that the AI data center buildout will translate into returns.
Sources
Mentioned: IREN