“Bitcoin Miner IREN Stock Surges 30% After CEO Says Demand Outstrips Supply”
August 20, 2026
“The rally builds on $2.8 billion in AI cloud contracts IREN signed earlier in July with Microsoft, NVIDIA, Perplexity, and Figure AI. Several of the newer multi-year deals include customer prepayments. These payments cover roughly 45% of the related GPU capital costs, easing investor worry over how IREN funds its buildout.
IREN’s stock had fallen more than 30% over the prior month, alongside peers like TeraWulf and Applied Digital. The drop reflected a wider correction across bitcoin miner stocks pivoting toward AI hosting…”
https://finance.yahoo.com/markets/stocks/articles/bitcoin-miner-iren-stock-surges-021022297.html
In other words this rally covered a previous loss / drop.