$IREN(IREN.US) is at a critical juncture of narrative transition—from a BTC miner to an AI infrastructure service provider. The story is compelling, but the market needs to see a solid second major customer before it's willing to assign a higher valuation. The extreme short-term volatility essentially reflects the pricing of this uncertainty.

One point worth noting: this pattern of plummeting after-hours followed by a rapid pre-market rebound indicates that there is capital decisively buying at low levels, and the bearish narrative has not gained widespread acceptance.

For holders, the core question at this level is simple: do you believe the next major contract will come? If you do, then this might actually be an opportunity created by the expectation gap.