$IREN had a rough week, but the price action tells a more interesting story than the headlines. Monday: $47.23 Tuesday: $48.55 Wednesday: $47.05 Thursday: $46.15 Friday: ~$44.13 The stock initially pushed toward $49 but lost momentum as the SemiAnalysis report, broader neocloud selling and new research coverage weighed on the sector. By Friday, $IREN was down roughly 6.6% from Tuesday’s close. What I’m watching now is $43–44. That area becomes important because a hold could give $IREN room to stabilize and reclaim $46–48. A clean move back above $48 would put the $50–55 zone back into focus. On the other hand, losing $43 with momentum would weaken the structure and make the low-$40s the next area I’d watch. Fundamentally, the market hasn’t suddenly erased the underlying AI infrastructure story. IREN is targeting more than $4B in 2026 AI Cloud ARR, with 480MW planned for delivery this year and 1.2GW targeted for 2027. So my base case into next week is stabilization first, confirmation second. I’m less interested in reacting to one weekly selloff and more interested in whether $IREN can defend this zone and start reclaiming lost levels. $IREN