A Gartner warning that most neoclouds, the AI providers that rent out graphics processing unit (GPU) capacity, won't survive as independent companies is pulling the group lower, and IREN Limited (NASDAQ:IREN) stock is among the hardest hit.
CoreWeave stock is getting pummeled as investors remain concerned about the neocloud industry. It dropped to $65 in the extended session, down by 53% from its highest level this year, erasing billions of dollars in value.
Gartner's prediction that 80% of neoclouds could vanish by 2030 intensified investor concerns about the company's long-term viability, today, Oct. 14, 2026.
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