Nvidia · Bitcoin · Blackwell · The Block
A slew of related equities rallied by double-digit percentages, with some even carving out new all-time highs
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It is a continuation of a months-long rally that has seen former pure-play bitcoin miners switch off their rigs and divert their resources and capital to AI power and compute infrastructure, businesses many investors now see as more attractive than traditional mining operations.
Key facts
- Cipher Digital (NASDAQ: CIFR) and Hut 8 (NASDAQ: HUT) also continued their runs, with CIFR jumping roughly 9.5% to around $25 and HUT climbing nearly 5% to about $118, both fresh all-time highs
- TeraWulf (NASDAQ: WULF) and Riot Platforms (NASDAQ: RIOT) also continued higher on Wednesday, with WULF rising more than 6%, extending gains of roughly 800% over the past year, while RIOT added
- On Tuesday, IREN said it struck a $1.6 billion deal with Dell to supply Blackwell AI systems for its previously announced $3.4 billion cloud contract
- It follows a string of major announcements over the past month, including a $3 billion convertible notes raise, a partnership with Nvidia tied to an in-the-works 5-gigawatt AI data center and a $625
Summary
Legacy bitcoin miners that have since pivoted to artificial intelligence, hyperscale computing and data center infrastructure continue to be rewarded on Wednesday. A slew of related equities rallied by double-digit percentages, with some even carving out new all-time highs. IREN (NASDAQ: IREN) led the sector higher on Wednesday, climbing more than 13% and getting closer to a fresh all-time high as investors keep piling into the company's expanding AI infrastructure business. It follows a string of major announcements over the past month, including a $3 billion convertible notes raise, a partnership with Nvidia tied to an in-the-works 5-gigawatt AI data center and a $625 million acquisition of software services provider Mirantis.