Stock Market Today, Oct. 15: Iren Stock Recovers, but Still Slides on Concerns Over Neocloud Provider Viability
Iren (NASDAQ:IREN), a vertically integrated AI cloud and data center operator transitioning from Bitcoin mining, closed at $30.39, down 0.56%. The stock sank below $27 per share in early trading amid reports of pressure on AI infrastructure funding, following Gartner’s warning that weighed on shares. Investors are watching AI cloud growth and capex commentary.
Trading volume reached 104.7 million shares, coming in about 134% above its three-month average of 44.8 million shares. Iren IPO’d in 2021 and has grown 24% since going public.
The S&P 500 (SNPINDEX:^GSPC) closed at 7,744, up 0.33%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) finished at 26,713, up 0.08%. AI cloud and Bitcoin mining infrastructure peer Core Scientific closed at $14.46, up 6.99%.
Research and advisory firm Gartner released a report yesterday that suggested over $3.5 trillion in AI infrastructure investments could be at risk of devaluation by the end of 2030 if AI providers maintain their current level of capital expenditure.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.