IREN - Iris Energy Shares Plunge On Short Report From Culper Research: What You Need To Know (UPDATED) | Benzinga
Editor’s Note: This article has been updated to include a response from Iris Energy.
Iris Energy Limited (NASDAQ:IREN) shares fell sharply on Thursday after Culper Research released a short report titled “Iris Energy Ltd (IREN): A Prius at the Grand Prix.”
What Happened: Culper Research issued a bearish report claiming that Iris Energy’s reliance on air cooling systems is inadequate for high-performance computing (HPC) needs, as competitors have shifted to liquid cooling to handle modern GPUs’ higher power densities.
“We are short Iris Energy Limited, a bitcoin miner that now promotes itself as a high performance computing data center play. IREN was founded in 2018 as a bitcoin miner, but now in 2024 claims its facilities have always been primed for HPC,” Culper Research said ...