IREN Ltd (NASDAQ: IREN) saw its stock price plummet by 11.52% in intraday trading on Thursday, as crypto-related and AI stocks faced significant pressure across the board. The sharp decline comes amid a broader market selloff and growing investor caution ahead of IREN's scheduled earnings report after market close.

The cryptocurrency mining company's stock tumble outpaced the general downtrend observed in the crypto sector. Other notable declines included Robinhood (NASDAQ: HOOD) falling 8%, while companies like Coinbase (NASDAQ: COIN) and MicroStrategy (NASDAQ: MSTR) experienced drops of around 4%. This selloff in crypto-related stocks coincided with Bitcoin's retreat to around $101,000, resuming its downward trend after a brief pause.

Market sentiment turned decisively risk-off on Thursday, with AI-linked stocks leading the broader market decline. Investors are grappling with mixed corporate earnings and renewed concerns over the labor market. Adding to the pressure, recent comments from Federal Reserve officials have dampened hopes for further interest rate cuts, contributing to the cautious market environment. As IREN prepares to release its earnings report, investors appear to be positioning themselves cautiously, possibly contributing to the day's steep decline in the company's stock price.