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<p class="is-style-lead">IREN stock price has slumped by over 55% from its highest point this year amid elevated jitters on the artificial intelligence bubble.&nbsp;</p>
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  <span class="tabs__item is-selected">Summary</span>
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   <li>IREN shares have plunged by 55% from the year-to-date high.</li>
   <li>It has dropped to its lowest level since September this year.</li>
   <li>There are concerns about the ongoing AI bubble.</li>
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<p>After soaring to a record high of $76 in November, the stock has tumbled to $35 today. This crash has coincided with that of other companies such as CoreWeave, Nebius, and Bitfarms.</p>
<p>IREN’s slump has accelerated following last week’s earnings reports from top AI companies such as Oracle and Broadcom. Oracle’s results showed that the highly indebted company made a negative free cash flow as it spends heavily on data centers. Its stock has now crashed by over 50% from its peak this year.&nbsp;</p>
<p>There are also lingering concerns about its funding. Just recently, the company raised over $2 billion through a combination of equity and convertible debt. This funding is necessary as it boosts its presence in the AI industry, where it recently received a $9.7 billion order from Microsoft.</p>
<p>You might also like: <a href="https://crypto.news/cardano-price-bullish-divergence-night-token-demand/" rel="noopener noreferrer nofollow"> Cardano price forms bullish divergence as NIGHT token demand jumps </a></p>
<p>Competition in the industry is also rising as more Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) mining companies move to the business. For example, Hut 8 secured a $10 billion order from Anthropic today. Other neocloud companies gaining market share include Lambda Labs, Nebius, and CoreWeave.&nbsp;</p>
<p>As such, potential customers now have greater negotiating power, a development that may affect its pricing and margins.&nbsp;</p>
<p>IREN stock is also falling as <a href="https://crypto.news/bitcoin-price-structure-shifts-as-bears-seize-control-below-21%e2%80%91day-channel/" rel="noopener noreferrer nofollow">Bitcoin remains under pressure</a>. It has dropped from $126,250 in October to the current $87,000. This is important because, although IREN is regarded as a neocloud infrastructure company, it currently derives most of its revenue from Bitcoin mining. As such, the decline in Bitcoin’s price may reduce its revenue.</p>
<h2 class="wp-block-heading" id="iren-stock-price-technical-analysis">IREN stock price technical analysis</h2>
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  IREN share price chart | Source: crypto.news
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<p>The daily chart indicates that the IREN share price has declined sharply over the past few days. It has dropped from $77 to $35, which is below the 50% Fibonacci Retracement level.</p>
<p>IREN remains below the 50-day and 100-day Exponential Moving Averages, a sign that bears have prevailed. It has dropped below the Supertrend indicator and the key support at $48.40, its lowest point on Oct. 23.</p>
<p>Therefore, the stock will likely continue falling as sellers target the key support at $20. A move above the $48 resistance level will invalidate the bearish outlook.</p>
<p>Read more: <a href="https://crypto.news/ethereum-price-abcd-correction-pattern-2500-focus/" rel="noopener noreferrer nofollow"> Ethereum price forms an ABCD correction pattern, putting $2,500 in focus </a></p>

IREN stock crashes 55% from YTD high amid AI bubble fears

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