Why Is IREN Stock Price Down 12.53% Today, Aug 28? Revenue Miss and AI Transition Concerns Pressure Shares

IREN sold off 12.53% after a quarterly revenue miss and a large reported loss linked to non-cash impairments from exiting Bitcoin mining, intensifying scrutiny on the pace and capital intensity of its shift toward AI cloud capacity. Weak same-session sentiment across AI-linked equities reinforced timing-risk concerns. Near-term focus shifts to evidence of revenue conversion from deployed AI capacity and clearer visibility on transition costs and funding needs.