IREN stock fell 15% this past week after their quarterly results missed expectations. Total revenue dropped 5% to $137.2 million and adjusted EBITDA fell 68% to $19.2 million. The drop is mainly because the company is shifting resources away from crypto mining to focus on AI cloud services. The AI side of the business is growing, with cloud revenue doubling to $70.5 million for the quarter. They are basically sold out of capacity for 2026 and have secured $4 billion in annualized run rate revenue. They are also raising prices for capacity from $20 million to $25 million per megawatt, and customers are prepaying up to 55% of GPU costs. Analysts still seem bullish on the stock, with H.C. Wainwright keeping a buy rating and a $90 price target.