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IREN plunged 9.02% intraday as broad market declines—driven by a sell-off in large-cap tech and AI stocks—weighed on the stock, despite the company reporting Q1 2026 revenue growth of 355% to $240.3 million (exceeding expectations) after hours on November 6. Heightened investor skepticism over AI sector valuation risks further intensified selling pressure on November 7.