AI Stocks and Crypto See Bubbles Puncture
The rapid ascent of AI-related stocks and cryptocurrencies is showing signs of cooling off, reflecting broader market concerns about the resilience of the AI boom and the likelihood of central banks cutting interest rates. Iren, an Australian company that initially focused on bitcoin mining but strategically pivoted to become an artificial intelligence data centre player, has seen its shares fall 45 per cent since November 5 after experiencing massive growth. The company provides processing power and signed a $US9.7 billion deal with Microsoft this month.
Similar declines are evident across the board, with other bitcoin miners such as Cipher Mining and TeraWulf also suffering losses. Bitcoin itself has plunged 30 per cent in two…
