Iris Energy Tumbles After Short Seller Culper Questions AI Aspirations
- The Bitcoin miner’s shares have rallied 65% in the past year
- Culper said Iris’ proposed AI pivot is “contrived nonsense”
Iris Energy’s shares fell the most since January after Culper Research questioned the Bitcoin mining company’s ability to serve the high performance computers which make generative AI possible.
Because of a steep decline in the profitability of mining Bitcoin, some industry participants are looking to redirect their energy infrastructure for high-performance computing. The company’s data centers lack the power required to do so, Culper alleged in the report.