IREN Limited (NASDAQ: IREN) shares fell nearly 4% to $29.23 in Friday's early morning trading after Morningstar lowered its valuation estimate for the AI cloud provider to $37 from $43, citing concerns over rising borrowing costs and competition for capital. The nearly 14% valuation reduction followed Morningstar's warning that specialized AI cloud providers, known as neoclouds, could face higher financing costs as large technology companies raise capital for their own infrastructure expansion.
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