IREN Sinks 9% After Report Links It to Microsoft’s AI Spending Delay; Nebius Tumbles 11%, CoreWeave Slides 7%

David Moadel

Thu, November 5, 2026 at 6:50 AM PST 5 min read

Quick Read

IREN sank 5% after a report blamed Childress delays for Microsoft spending $5 billion less on capex than planned, though the true impact remains unclear.

Texas governor-elect Gina Hinojosa's data center moratorium pledge hammered CoreWeave and Cipher Digital too, turning a sector selloff into a Texas-specific threat.

IREN's Thursday earnings will test whether Horizons 2 through 4 stay on track for December, with $4 billion in recurring revenue targeted.

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IREN (NASDAQ:IREN) is under fresh pressure after a report tied delays at its main Texas campus to a shortfall in AI spending at Microsoft (NASDAQ:MSFT). IREN stock is trading at $19.70, down 9%.…