IREN Shares Drop on Mining Writedown Amid AI Growth

IREN Limited shares fell sharply on August 28 after the company reported a quarterly net loss driven by a large impairment charge on its legacy Bitcoin mining equipment, overshadowing rapid growth in its new AI cloud services business. The stock declined approximately 6% to $38.22 in early trading following the release of its fiscal fourth-quarter results. The company, which is transitioning from Bitcoin mining to AI infrastructure, recorded a $638.8 million impairment charge largely tied to older mining hardware being retired. This non-cash charge pushed IREN to a net loss of $702.6 million for the full fiscal year, compared to a profit of $86.9 million a year earlier.