Shares of Australian Bitcoin miner Iris Energy fell 14% after Culper Research questioned the company's ability to serve high-performance computers for AI. 📉

Culper said the Iris flagship project in Childress, Texas, "does not have many of the features needed for HPC applications." Moreover, since February, the company's management began selling its shares.

In response, Bernstein analysts refuted some of Culper's claims, emphasizing that Iris Energy "has not stated any intention to upgrade its Childress Bitcoin mining site to AI."

Following the report, IREN's share price fell 14% to $10.8, although it later rebounded to $11.2.