Cipher Mining (CIFR +15.98%) makes most of its revenue from crypto mining, but that’s about to change. The company has been signing long-term deals with tech giants that need artificial intelligence (AI) data centers. Amazon (AMZN 5.49%) is one of Cipher Mining’s largest customers after it agreed to a 15-year lease worth $5.5 billion.
Cipher Mining should continue to win more contracts with tech companies as it brings more gigawatts online. Cipher Mining still has a 3.4 gigawatt pipeline, and most of that energy hasn’t been allocated to customers yet, which makes it a compelling stock to watch.
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