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.<\/p>\n
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.<\/p>\n
Perhaps boosting sentiment was ChatGPT creator OpenAI striking a deal<\/a> with chipmaker Broadcom (AVGO) to build up custom chips for AI and machine learning. Also on Monday, Bloom Energy (BE) announced<\/a> a $5 billion deal with Brookfield Asset Management to deploy fuel cells in data centers to satisfy AI’s voracious energy demand.<\/p>\n The gains occurred after Friday’s steep downturn as trade tensions between the U.S. and China ratcheted up, with Trump imposing a 100% increase in tariffs on Chinese goods to retaliate against tightening rare earth metals export controls. Investor concerns eased somewhat over the weekend, and the Nasdaq and S&P 500 indexes were up 2.1% and 1.4% on Monday.<\/p>\n Other crypto related names enjoyed modest gains. Strategy (MSTR), the world’s largest bitcoin treasury firm, climbed 2.8%, while crypto exchange Coinbase was roughly flat. Digital brokerage Robinhood, which earns a large portion of its revenue from crypto trading, was up 1%.<\/p>\n Ethereum (ETH) treasury firm BitMine (BMNR), meanwhile, bounced almost 7% as the firm said to capitalize on the crypto plunge of the past few days, purchasing over 200,000 tokens worth over $840 million at current prices.<\/p>\n