AI & HPC Bitcoin Miners Rally After NVIDIA Q3 Earnings Beat
NVIDIA’s Q3 earnings beat and strong Q4 guidance sent AI & HPC bitcoin miners stocks soaring in pre-market trading. IREN led with an 8% gain, Cipher Mining climbed 11%, and Hive Digital rose over 6%. The broader tech rebound also lifted the Invesco QQQ and bolstered market sentiment.
Meanwhile, NAKA reported delayed Q3 results: $0.4 million in medical revenue and an $86 million net loss driven by non-cash merger charges and unrealized bitcoin losses. As of Sept. 30, NAKA holds 5,765 BTC at an average cost of $118,204, deployed 367 BTC into Metaplanet investments, and retains $24,185 cash on hand. Its shares trade at 0.916 times mNAV.
The sharp jump among AI & HPC bitcoin miners underscores investor demand for high-performance computing exposure, buoyed by strong GPU demand. Traders should watch NVIDIA earnings and bitcoin miner stocks for continued volatility and potential trading opportunities.
Bullish
NVIDIA’s Q3 beat and robust Q4 outlook have a proven track record of lifting related sectors. The strong pre-market rally in AI & HPC bitcoin miners like IREN, Cipher Mining and Hive Digital mirrors past events when GPU demand and bitcoin price upticks drove miner valuations higher. In the short term, traders can capitalize on volatility as stocks respond to earnings news and GDP data. Long term, sustained demand for high-performance computing hardware and potential GPU supply constraints could support further upside for bitcoin miner stocks. Overall, this development underlines positive sentiment for both tech and crypto-linked equities.