Microsoft-backed crypto stock drops ahead of 5 PM earnings

Bitcoin (BTC) mining and AI cloud firm IREN Limited (NASDAQ: IREN) turned heads in early October after revealing a $9.7 billion partnership with Microsoft (NASDAQ: MSFT), highlighting its deepening shift toward artificial intelligence. Under the five-year agreement, IREN will supply Microsoft with access to NVIDIA GB300 GPUs through its vertically integrated AI Cloud platform. The deal, which includes a 20% prepayment, represents a major leap in IREN’s strategy to scale large-scale AI infrastructure. To s ...