On July 6, IREN Ltd rose 9.14% in regular trading, trading at $42.97/share, with turnover of $294 million. The stock staged a sharp rebound following a roughly 20% cumulative decline from July 1-3 triggered by reports that Meta Platforms is planning to enter the cloud computing infrastructure market.

The prior selloff was driven by concerns that Meta intends to sell surplus AI computing power and model access to external customers, directly competing with established cloud providers and GPU leasing operators like IREN. The steep three-day decline left the stock in deeply oversold territory, setting the stage for a technical rebound. On the same session, the broader AI computing sector rallied collectively, with peer TeraWulf surging 17.71%, lifting recovery sentiment across the group.

Additionally, Nomura recently published a report arguing that the AI hardware cycle is far from peaking, noting that operators like IREN are becoming critical sources of incremental computing demand and that supply bottlenecks are spreading to more segments — insufficient evidence to support the thesis that AI investment has topped out. Jefferies previously initiated coverage on IREN with a Buy rating and a $79 price target, while B. Riley maintains a Buy with a $96 target.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)