Акції з майнінгу біткойнів зросли на 10%: Nvidia's $57B Q3 спричинило зрушення у штучному інтелекті

Bitcoin mining stocks surged after Nvidia’s Q3 earnings, with IREN jumping 21% and Cipher Mining up 10%. IREN landed a $9.7 billion Microsoft deal, while Cipher secured $3.8 billion from Fluidstack. Hedge funds are backing the pivot from crypto mining to AI infrastructure.

Nvidia’s Q3 Catalyst Sparks Bitcoin Mining Stocks Rally

(Source: Bloomberg)

The global leader of GPU manufacturers, Nvidia, unveiled Q3 earnings that exceeded analyst expectations, triggering an immediate market response across AI-adjacent sectors. Bitcoin mining stocks emerged as unexpected beneficiaries, with companies like IREN and Cipher Mining witnessing double-digit intraday rallies. IREN’s stock skyrocketed to $50.45 after hitting a daily low of $45.83, representing nearly 10% growth in just hours. This dramatic price action reflects a fundamental shift in how the market values these formerly crypto-focused enterprises.

Historically, companies like IREN and Cipher Mining concentrated exclusively on cryptocurrency mining operations. Their pivot to a new business model comprising AI and data center services has invited substantial appreciation from investors. JP Morgan noted that publicly traded bitcoin miners with hyperscale contracts have been decoupling from bitcoin prices since August, with this trend accelerating following Thursday’s market reaction to Nvidia’s earnings.

Evidence of this structural transformation mounts as IREN’s stock value rose by ten times this year, achieving 366.7% year-to-date growth. Similarly, Cipher Mining’s CIFR stock rallied to a high of $16.51, increasing nearly 12% in a single day. Nvidia’s Q3 report validates this trend, as its customers are witnessing epic growth over the year. With $57 billion in net revenue for Q3, Nvidia improved from its Q2 figures by 22%, marking nearly 62% year-over-year growth.

The $9.7 Billion Microsoft-IREN Partnership Reshapes Mining Landscape

IREN extended gains after announcing a five-year cloud compute agreement with Microsoft worth approximately $9.7 billion, its first major hyperscaler contract. The company will provide Microsoft access to Nvidia GB300 GPUs across phased deployments at its Childress, Texas campus. The contract includes a 20% prepayment and is supported by four new liquid-cooled data centers totaling 200 megawatts of critical IT load.

This landmark deal established IREN as a single largest infrastructure provider to Microsoft in this segment. IREN sources Nvidia GPUs from Dell Technologies, with whom it reached an additional agreement for GPU-related infrastructure worth approximately $5.8 billion. The company stated these investments will be funded through existing cash, Microsoft’s prepayments, operating cash flow, and new financing arrangements.

The strategic significance of this partnership extends beyond immediate revenue. It validates the business model transformation from commodity bitcoin mining to high-margin AI infrastructure provision. With companies like IREN and Cipher Mining shifting their focus from cryptocurrency mining to AI and data center operations, the demand for high-performance GPUs has surged, creating a symbiotic relationship with Nvidia’s growth trajectory.

Cipher Mining’s Fluidstack Expansion Adds $830M Revenue

Cipher Mining shares climbed 10% after the company announced a 56-megawatt, 10-year hosting contract with Fluidstack, representing an expansion of its existing agreement. The deal adds approximately $830 million in contracted revenue and lifts total contracted revenue with Fluidstack to about $3.8 billion. The company plans to issue $333 million of secured notes backed by the Barber Lake project structure, with Google expanding its backstop of Fluidstack’s obligations by $333 million, bringing the total to $1.73 billion.

Cipher stated that 39 megawatts of the new capacity are expected online by January 2027 at its Barber Lake site in Colorado City, Texas. The contract uses the same structure as its September agreement, in which Google backstopped $1.4 billion and received warrants tied to approximately 24 million Cipher shares. This financing structure demonstrates how bitcoin stocks are leveraging hyperscaler partnerships to secure capital at favorable terms.

Key Financial Metrics of Major Mining Transformations:

IREN-Microsoft Deal: $9.7 billion over five years, 200MW data center capacity

Cipher-Fluidstack Total: $3.8 billion contracted revenue, Google backstop of $1.73 billion

IREN-Dell Infrastructure: $5.8 billion for GPU-related equipment and systems

Institutional Capital Flood Into Transforming Bitcoin Mining Stocks

AI-focused hedge funds have dramatically increased exposure to miners shifting into compute services. Situational Awareness LP’s disclosure listed a $362 million position in Core Scientific and a $338 million position in IREN as of September 30. The fund also reported stakes in Cipher Mining, Hut 8, Riot, Bitfarms, Galaxy Digital, and Bitdeer. Its filing showed call option positions tied to Intel and holdings across the AI supply chain.

Alpine Fox, a hedge fund led by Mike Alfred, reported positions in Cipher, CleanSpark, and IREN as of September 30. The fund’s largest position was Cipher at 5 million shares. The latest filing showed roughly $240 million in long U.S.-listed equities and long call options on a market-value basis. This institutional validation signals that sophisticated investors view the mining-to-AI transformation as a sustainable trend rather than a temporary pivot.

The influx of institutional capital marks a stark departure from bitcoin mining stocks’ historical investor base, which primarily consisted of crypto-native funds and retail investors. Traditional tech-focused hedge funds now view these companies as AI infrastructure plays with attractive valuations relative to pure-play data center operators.

Why Bitcoin Miners Are Pivoting to AI Infrastructure

Bitcoin halving in 2024 has greatly contributed to this strategic shift. Since the last halving, the reward decreased to 3.125 BTC per block. Based on network difficulty and power costs, mining is fast approaching a non-profitable region for many operators. This fundamental economic pressure is a major reason why giants like IREN and Cipher Mining are transitioning toward AI and cloud-based computational service provision.

IREN has secured 2,910 MW of power capacity to fuel its upcoming journey, which industry experts view as strategic expansion. The company recently reported revenue of $501 million from its AI cloud business, demonstrating the commercial viability of this pivot. With a loaded base of high-tech chips and cooling systems originally designed for bitcoin mining, these companies possess infrastructure that translates effectively to AI workload requirements.

Nvidia’s strong Q4 projections further validate this transformation. The company expects revenue of $65 billion with a non-GAAP gross margin of 75%. According to CEO Jensen Huang, such revenue growth stems from demand for Nvidia’s Blackwell chips and Cloud GPUs—precisely the components powering IREN and Cipher Mining’s new business models.

Future Outlook: A New Chapter for Bitcoin Stocks

The convergence of AI, cloud computing, and high-performance hardware signals a new chapter awaiting companies like IREN and Cipher Mining. The surge in bitcoin mining stocks indicates a potential permanent transition beyond traditional cryptocurrency operations. As these companies pivot from bitcoin mining toward AI and data center services, investor confidence continues to rise alongside tangible contract wins.

The trend appears sustainable given structural tailwinds: growing enterprise AI adoption, hyperscaler capacity constraints, and favorable power purchase agreements secured by mining companies. These bitcoin stocks are positioned to capture value across the AI infrastructure stack, from GPU hosting to liquid cooling systems to power management.