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James Hunt

Bernstein: IREN fell 18% after Thursday earnings; AI, not bitcoin, drives $125 target

IREN shares dropped about 18% and traded around $39.79 after reporting fiscal second‑quarter results on Thursday. In a Friday client note, Bernstein said the selloff reflected the absence of a new AI hyperscaler agreement, adding that bitcoin‑linked volatility is no longer central as the company pivots toward AI infrastructure.
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