IREN Ltd. slumped almost 5% in premarket trade Monday even as CEO Daniel Roberts warned that demand for AI processing capacity remains significantly outstripping supply. Roberts said concerns about slowing frontier AI development should be separated from demand for today's AI tasks, arguing that even if model improvements ceased today it would still take years of extra infrastructure to deploy current capabilities. He cited Anthropic's significant development, OpenAI's continuous computational constraints, and Google processing almost seven times more tokens than a year ago. Roberts added that GPUs are not the only bottleneck, noting memory bandwidth remains scarce and that it takes years to produce new memory capacity, and predicted that roughly half of U.S. data-center capacity to be installed over the next two years may be delivered on time due to power hookups and building schedules. The next test for investors is whether that supply shortfall translates into greater pricing, client commitments and returns on IREN's growing infrastructure.
IREN LtdCEO says AI processing demand far outstrips supply, a potential tailwind for IREN's growing data-center infrastructure despite the share drop.
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