IREN - Sympathy play

**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.