IREN Ltd's stock plummeted 9.68% during intraday trading on Tuesday, extending recent volatility for the bitcoin mining and AI infrastructure company.

The decline follows renewed concerns about competitive pressure from Meta's entry into the cloud computing infrastructure market. Meta's plan to sell surplus AI computing power to external customers continues to weigh on independent computing power service providers like IREN, which had previously plunged approximately 20% between July 1 and July 3 after the Meta cloud business announcement.

While IREN staged a strong oversold rebound earlier in the week driven by sector-wide strength in AI computing names and supportive analyst commentary, the underlying competitive threat from Meta remains undiminished. Market concerns over the long-term landscape for new cloud operators have persisted, leading to renewed downside pressure as rebound momentum faded.