Crypto Mining Stocks Rally as AI Data Center Boom Fuels Optimism
Crypto mining stocks surged on Monday, recovering sharply from Friday's downturn, as investor optimism grew around the intersection of AI data center demand and cryptocurrency mining profitability. Bitfarms (BITF) and Cipher Mining (CIFR) led gains with 26% and 20% jumps, respectively, while Bitdeer (BTDR), IREN (IREN), and MARA Holdings (MARA) each rose about 10%.
The rally reflects a broader market reassessment of crypto miners' potential to capitalize on AI-driven energy and computing needs. OpenAI's partnership with Broadcom (AVGO) to develop custom AI chips and Bloom Energy's $5 billion data center fuel cell project with Brookfield further bolstered sentiment.
Markets rebounded from last week's U.S.-China trade tensions, with the Nasdaq gaining 2.1% and S&P 500 up 1.4%. The recovery extended to crypto-related equities, though specific names weren't fully detailed in the truncated report.
