Cipher, IREN and more bitcoin mining stocks get after-hours boost on Nvidia’s blowout Q3 earnings
Bitcoin mining stocks, including Cipher and IREN, surged in after-hours trading following Nvidia's strong Q3 earnings report and positive outlook.Summary
Nvidia's better-than-expected third-quarter revenue and strong fourth-quarter guidance boosted its shares and positively impacted the crypto sector, leading to a rally in bitcoin mining stocks during after-hours trading. Cipher Mining jumped over 13%, IREN gained about 10%, with Bitfarms, TeraWulf, and CleanSpark also seeing gains, while MARA rose modestly. This boost occurred despite Bitcoin's price movement earlier in the day. The positive sentiment is partly linked to the growing trend of bitcoin miners pivoting operations to handle AI/HPC infrastructure, evidenced by recent large deals secured by IREN with Microsoft and Cipher with Amazon Web Services. Analysts had previously noted that these mining stocks had decoupled from Bitcoin's price, rising sharply due to their AI infrastructure pivot.
(Source：The Block)