**IREN moved on the Dell earnings read-through — could have more room**
IREN was up 7.5% Wednesday and closed at $39.60, right near the high of the day. Volume picked up hard into the close, with roughly 10 million shares trading during the final hour.
My guess is this was partly a sympathy move off Dell’s earnings. Dell reported huge AI-server demand and a $95B backlog. IREN has a roughly $1.6B agreement to buy Dell’s Nvidia Blackwell systems, so strong demand for AI infrastructure supports the overall IREN story.
This isn’t new revenue for IREN, but it shows the AI data-center buildout is still moving fast.
The other interesting part is the short interest. The latest reported numbers show about 94M shares short, or roughly 28% of the float. Short interest actually declined slightly in the latest report, and days to cover is only around 2.2
Levels I’m watching:
$39–$39.20 needs to hold
$39.70 is Wednesday’s high
$40–$40.50 is the real breakout area
Above $41 could bring $42–$43 into play
Below $38.75 would weaken the setup
No new IREN contract was announced. Right now this looks like an AI-infrastructure sympathy move with heavy short positioning behind it. If volume expands and $40–$40.50 becomes support, it could keep running.
Not financial advice. Do your own research.
