Iren Plunges 9.9% to $55.15 After $2B Notes; JPM Cautious on Nvidia Deal Risks

Iren shares tumbled 9.89% to $55.15 on May 11, 2026, after announcing a $2 billion convertible notes offering due 2033, amid dilution fears and heavy 108.4 million share volume. This follows Nvidia's up-to-$2.1 billion share purchase option and $3.4 billion five-year AI cloud contract, drawing CoreWeave parallels where Nvidia's $2 billion investment unlocked $8.5 billion financing. JPMorgan hiked Iren's price target to $46 from $39 but retained Underweight, flagging 'circular' economics, no guaranteed advanced GPUs, and risks to 150,000-GPU deployment and $3.7 billion revenue goals after a 720% rally to 63x forward P/E. CoreWeave's CEO warned on May 10 that Nvidia capacity constraints could drive customers to AMD.