Ten days ago, IREN Limited signed $2.8 billion in new AI cloud contracts, raised its 2026 annualized revenue target above $4 billion, and saw its stock jump 19% in a single session. On Wednesday, the stock closed at approximately $29.31 — below where it traded before that announcement — after Iran's Islamic Revolutionary Guard Corps fired ballistic missiles at U.S. forces, oil surged 7.3%, and a 9-to-3 Federal Reserve dissent vote pushed the probability of a September rate hike to roughly 80%. IREN shares peaked near $77 in November 2025, marking a decline of more than 60% from that peak and down roughly 30% in the trailing month alone. TeraWulf and Applied Digital suffered nearly identical trajectories — down approximately 38% and 36%, respectively, over the same window, while the Global X Data Center & Digital Infrastructure ETF fell a comparatively contained 13%. IREN carries a five-year monthly beta of 4.28, meaning the stock moves roughly 4.28 times as much as the broader market in either direction.