Shares of Iris Energy (IREN) fell nearly 14% yesterday after Culper Research released a sell short report stating that bitcoin miner Iris Energy's plant in Childress, Texas, is not suitable for artificial intelligence (AI) or high-performance computing (HPC). However, brokerage Bernstein said in a research note that the company has used most of the planned expansion of the site for bitcoin (BTC) mining, and that the existing power and data center infrastructure there is well-suited for this purpose. Analysts led by Gautam Chhugani wrote: "Iris Energy does not claim to intend to convert its Childress bitcoin mining site into artificial intelligence." Bernstein estimates that 65% of the company's value comes from bitcoin mining, with the remaining 35% coming from AI/HPC. Bernstein also said that completely disagreeing with the idea that mining activities are worthless, Iris Energy's potential artificial intelligence advantage mainly comes from the 1.4 gigawatt West Texas site with electrical interconnection, and the opportunity lies in the monetization of land and electricity supply.