Bitcoin Miners Lead Crypto Stock Bounce as OpenAI-Broadcom Deal Fuels AI Trade
Crypto mining stocks tied to the red-hot artificial intelligence (AI) data center trade were the fastest horses on Monday to recover from Friday’s market rout.
Bitfarms (BITF) and Cipher Mining (CIFR) surged 26% and 20% respectively on Monday, while Bitdeer (BTDR), IREN (IREN) and MARA Holdings (MARA) advanced around 10%. The rally reflects optimism that booming AI compute demand will help miners.
Perhaps boosting sentiment was ChatGPT creator OpenAI striking a deal with chipmaker Broadcom (AVGO) to build up custom chips for AI and machine learning. Also on Monday, Bloom Energy (BE) announced a $5 billion deal with Brookfield Asset Management to deploy fuel cells in data centers to satisfy AI’s voracious energy demand.
The…
