IREN Stock Falls Even as JPMorgan Goes Bullish

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Shares in AI data center operator IREN Limited (IREN) fell about 4% to around $21 on Tuesday morning. This came even after four-star JPMorgan analyst Richard Choe assigned the stock a Buy rating. Choe is bullish on IREN's fiscal Q1 2027 earnings, which showed AI cloud revenue surged 182% quarter-over-quarter to $200 million. JPMorgan Backs IREN AI Cloud Growth, Strong Pricing According to Choe, IREN's delivery of the first phase of its four-part data center project with Microsoft (MSFT) helped to fuel AI cloud revenue growth. In August, IREN announced that Microsoft had accepted Horizon 1, a 50MW facility, built under its $9.7 billion contract with the tech giant.