00:00IREN plunged 11.15% today, as neocloud concerns persist.
00:07IREN operates computing infrastructure that provides processing power for artificial intelligence workloads.
00:14That extended the pressure across the same corner of AI infrastructure.
00:20Yahoo reported that a Gartner forecast said 80% of neocloud operators could lose their independence by 2030,
00:28while Benzinga cited neocloud concerns, rising Corweave bond yields and fears of a federal reserve rate hike.
00:36The move matters because investors weren't just questioning near-term borrowing costs.
00:42They were also weighing whether the business model could remain independent over time.
00:48Financials rose 0.42% today, so this move ran against its own sector.
00:55More on neocloud financing fears, full recap linked.
