IREN downgraded to Hold at JonesResearch after 400% move off April lows

As previously reported, JonesResearch downgraded IREN (IREN) to Hold from Buy following a 400% rise from the April lows and 170% year-to-date increase. While market enthusiasm for IREN’s AI cloud expansion is high, the firm remains cautious on the potential erosion of supply-side advantages and the transitory nature of white-label client demand, the analyst tells investors. The firm also sees risk that IREN may be transitioning from “one capex-intensive treadmill” in bitcoin mining to another in AI cloud, the analyst added.