Stock Market Today, Oct. 15: Iren Stock Recovers, but Still Slides on Concerns Over Neocloud Provider Viability

Iren (NASDAQ:IREN), an AI cloud and data center operator transitioning from Bitcoin mining, closed at $30.39, down 0.56%. The stock reached a 52-week low during early trading when it sank below $27 per share. Trading volume for the company reached 104.7 million shares, which Motley Fool reports is approximately 134% above its three-month average of 44.8 million shares.

The decline followed a report from Gartner suggesting that over $3.5 trillion in AI infrastructure investments could face devaluation by the end of 2030 if capital expenditure levels remain constant. Motley Fool states this warning weighed on neocloud AI infrastructure companies, as Gartner suggested more than 80% of neocloud providers could cease operating as independent businesses by 2030. Nasdaq Markets also attributed the early trading pressure to reports regarding AI infrastructure funding.

In broader market activity, the S&P 500 closed up 0.33% at 7,744, while the Nasdaq Composite finished at 26,713, up 0.08%. Peer company Core Scientific closed at $14.46, up 6.99%. Motley Fool noted that credit-market stress involving CoreWeave, with high-yield bond yields near 15%, also added pressure.

Brief written by urgent.news from Nasdaq Markets, Motley Fool — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.