According to @stocktalkweekly, JPMorgan downgraded IREN to Underweight from Neutral with a 24 price target, stating shares appear to price in an over 1 GW colocation deal that would require record-scale capital expenditure exceeding 10 billion dollars and creates more downside risk than upside near term, source: JPMorgan research note via @stocktalkweekly. JPMorgan notes IREN remains a leading BTC mining operator with attractive power contracts and fleet efficiency, and outlines milestones including a Cloud Services unit with about 23,300 GPUs targeted to be fully energized by Q1 2026, a 1.4 GW site expected online in April 2026, and energization of the first 75MW HPC data center, Horizon 1, source: JPMorgan research note via @stocktalkweekly. For traders, the rating and target frame valuation headwinds versus capacity catalysts across BTC mining and AI/HPC colocation, making execution on GPUs, the 1.4 GW site, and Horizon 1 the key near-term checkpoints, source: JPMorgan research note via @stocktalkweekly.