Crypto Miner Stocks Surge On News Of Microsoft Investment

(MENAFN- Yolo Wire) %Cryptocurrency mining stocks are surging on news that %Nebius Group (NASDAQ: $NBIS) has signed a five-year deal to supply %Microsoft (NASDAQ: $MSFT) with graphic processing units valued at $17.4 billion U.S.

The arrangement is aimed at bolstering Microsoft's artificial intelligence (A.I.) infrastructure. However, it should also benefit companies with large-scale computing power, notably crypto miners.

As a result, the stocks of %Bitfarms (NASDAQ: $BITF) and %Cipher Mining (NASDAQ: $CIFR) each rose more than 20% on Sept. 9.

Other crypto mining stocks such as IREN (IREN), Hut 8 (HUT), Riot Platforms (NASDAQ: $RIOT), and TeraWulf (WULF) each gained more than 10% on the day.

The rally in crypto mining stocks occurred even as %Bitcoin (CRYPTO: $BTC) stalled out at around $112,400 U.S., declining about 1% over the past 24 hours.

Investors and analysts are increasingly focused on the role crypto mining infrastructure can play in the A.I. boom that's underway.

The weakest performer among crypto miners was MARA Holdings (NASDAQ: $MARA), which has positioned itself as more of a Bitcoin treasury company than a high-performance computing firm.

Crypto miners are looking to diversify as they face surging power costs, relentless hardware production, and intensifying competition.

A.I. continues to reshape the business model for crypto miners.

Many miners are exploring ways to lease capacity to meg-cap technology companies such as Microsoft or pivot toward data center services.

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