Record Revenue, 52-Week Lows: Is the Massive Selloff in IREN Stock a Gift? Farooq Sat, November 7, 2026 at 6:25 PM EST 3 min read ^IXIC +1.09% IREN +20.91% Trade IREN on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
We just published a list of the 10 Best 52-Week Low NASDAQ Stocks to Buy According to Billionaires and IREN (NASDAQ:IREN) ranked 10th on this list.
Scan the Nasdaq stocks hitting 52-week lows this week and a pattern jumps out: many of the biggest names build, power or rent space for artificial intelligence. Few of these businesses are shrinking. Several reported record revenue in recent weeks, and their shares kept sliding anyway.
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Then came the election. Reuters reported on November 4 that Wall Street closed sharply higher after Democrats won Congress, but data center shares fell on fears of tighter AI regulation. Democrats made gains in Texas and Georgia, where public opposition to the industry's rapid expansion has been growing.
We also wrote about how leverage turned an AI bet into a fire sale for one fund.
The pressure carried into the next day. UBS analysts estimated that around 30% of expected US data center capacity additions in 2028 could be at risk from potential construction pauses, Reuters reported on November 5. Large technology companies, by contrast, rose on the view that a slower buildout would curb their own spending, Reuters said.
IREN hit a new 52-week low and had 16 billionaire holders and 69 hedge fund holders as of Q2 2026.
The sell-off in IREN began with a forecast, not a failure. Gartner predicted that 80% of neocloud companies will be absorbed or stop operating by 2030, CNBC reported, and Elon Musk soon warned that more than 200 of them face consolidation. IREN had already dropped 40% in a month by then. Reuters said the shares fell another 11% after the midterm elections raised fears of tighter oversight of data centers.
Bulls say the contracts tell a different story. The company is turning bitcoin-mining sites into AI data centers, and it signed a $9.7 billion deal with Microsoft. In its latest annual results, it reported $4 billion of annualized revenue contracted for 2026 capacity and said that capacity was largely sold out. Customers have also been prepaying, covering 45% to 55% of the cost of new chips, which eases some of the borrowing worry hanging over the group. If customers keep prepaying and the capacity stays sold out, bulls argue the company can fund growth without leaning as hard on lenders, which is the very worry weighing on neocloud shares.
We covered how IREN swapped bitcoin rigs for Microsoft GPU contracts if you want the backstory.
While we acknowledge the risk and potential of IREN as an investment, we believe certain AI infrastructure stocks offer far stronger long-term potential at a much more attractive entry point. If you are looking for an AI stock more promising than IREN that operates as a critical AI tollbooth and stands as the most important company in the world, check out our report about this must-own AI stock.
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