Market Overview - U.S. stock markets closed higher on November 28, 2025, with all three major indexes extending a multi-day rally, driven by hopes for future interest rate cuts and positive economic data [1][12] - The Dow Jones Industrial Average (DJIA) rose 0.6% to 47,427.12, the Nasdaq Composite (IXIC) increased by 0.7% to 23,214.69, and the S&P 500 (SPX) gained 0.5% to 6,812.61, marking the fifth consecutive session of increases for all three benchmarks [2] Weekly Performance - For the week, the Nasdaq surged 4.9%, the S&P 500 was up approximately 3.7%, and the Dow gained about 3.2% [3] - November was mixed; while the S&P 500 and Dow extended their winning streaks to seven months, the Nasdaq ended down 1.5%, attributed to reassessment of profitability timelines for major AI companies [3] Economic Data - Initial jobless claims decreased by 6,000 to 216,000, below the consensus estimate of 229,000, indicating a strong labor market [5] - Orders for durable goods rose by 0.5% in September, missing estimates, while non-defense capital goods orders increased by 0.9%, a key indicator for business spending [5] Upcoming Events - Market participants are monitoring the potential for another interest rate cut by the Federal Reserve next month, which is a significant driver of market optimism [4] - Kevin Hassett is a key contender for the next Fed Chairman, with an announcement expected from President Trump before Christmas, which could influence monetary policy expectations [4] Individual Stock Performance - Intel (INTC) surged 10.2%, leading the S&P 500, following speculation it could become a foundry supplier for Apple (AAPL) processors [7] - Eli Lilly (LLY) shares slipped 2.6%, giving back some recent gains despite a market cap exceeding $1 trillion due to sales of weight-loss drugs [8] - Nvidia (NVDA) shares slid 1.8% amid competitive concerns, while other tech stocks like Microsoft (MSFT) and Amazon (AMZN) saw gains of 1.3% and 1.8%, respectively [9] Sector Performance - Retailers performed well on Black Friday, with Walmart (WMT), Target (TGT), and Amazon (AMZN) finishing up roughly 1% to 2% [10] - Cryptocurrency-related stocks rose as Bitcoin moved above $90,000, with Marathon Digital Holdings (MARA), MicroStrategy (MSTR), and Coinbase Global (COIN) up by 7%, 5%, and 5%, respectively [11]

Group 1: Market Performance - Crypto-related equities, including BitMine Immersion Technologies, CleanSpark, and Riot Platforms, are experiencing positive momentum as Bitcoin surpasses $92,000 and Ethereum exceeds $3,000 [1] - BitMine shares have increased by 4.47% today and over 27% in the last five trading days, currently priced at $33.16 [1] - CleanSpark and Riot Platforms have seen larger gains, with CleanSpark up 12.27% and Riot Platforms up 7.8% since Friday's opening, and CleanSpark's five-day gain exceeding 54% [3] Group 2: Company Developments - BitMine, chaired by Tom Lee, holds over $11 billion in Ethereum and remains bullish despite a 38% decline from Ethereum's all-time high [2] - CleanSpark recently upsized a convertible notes offering to $1.15 billion, with nearly half allocated for share buybacks at an average price of $15.03 [4] - Cipher Mining shares surged 22% earlier this month following a $5.5 billion, 15-year lease agreement for Amazon Web Services and AI workloads, with shares up over 500% in the last six months [5] Group 3: Broader Market Trends - The improving risk sentiment has contributed to Bitcoin's recent price recovery, with Bitcoin and Ethereum rising 7% and 9.4% over the past week, respectively [7] - Odds of a December interest rate cut by the Federal Reserve have increased, with a prediction market indicating an 85% chance of a 25 basis points cut, potentially serving as a catalyst for market movements [7]

Key Takeaways The article compares bitcoin miners, highlighting MARA's dual-built model and its operational focus.BITF faces rising power demand, chip-infrastructure imbalances and costly data center hurdles.MARA's approach mixes steady mining output with Bitcoin accumulation to balance volatility.Both MARA Holdings, Inc. (MARA) and Bitfarms Ltd. (BITF) operate as bitcoin mining companies, focusing on running large-scale, high-performance mining facilities.Their business models revolve around deploying mass ...

Core Insights - The core issue facing the AI infrastructure in the U.S. is a significant power shortage, with a projected gap of 44 GW by 2028, equivalent to the output of 44 nuclear power plants [1][3] - The construction cost for each additional 1 GW of data center capacity is approximately $50 billion, leading to discussions about a potential AI investment bubble [1][3] - The transition of cryptocurrency miners to AI data centers could potentially provide up to 15 GW of power within the next 18-24 months [3][4] Power Shortage Solutions - The first conventional method to address the power shortage is the transition of Bitcoin miners to AI data centers, which could release 15 GW of power [3][4] - Nuclear power is considered a long-term solution, with significant construction timelines, making it unfeasible for immediate needs [5][7] - Natural gas is another option, but supply chain constraints for gas turbines limit its short-term viability [8][9] - Fuel cell storage and solar plus storage solutions are also discussed, but they are not expected to resolve the immediate power shortage [10][11] Financing AI Infrastructure - The financing for AI infrastructure is a critical concern, with companies like CoreWeave facing significant debt levels and high-interest rates [22][25] - Investment-grade bonds and high-yield bonds are potential financing avenues, with estimates suggesting that the investment-grade market could address $1.5 trillion in financing needs over the next five years [39][40] - Asset-backed securities (ABS) and collateralized debt obligations (CDOs) are proposed as methods to package and sell future cash flows from data centers to investors [28][30] Market Dynamics and Competition - NVIDIA is positioned as a central player in the GPU market, with its partnerships with companies like OpenAI reinforcing its market dominance [41][42] - The competitive landscape is influenced by the need for AI companies to invest heavily in infrastructure to avoid being left behind, creating a "herd mentality" among major players [45][46] - The potential for over-investment exists, but current discussions suggest that the industry is still in the early stages of leveraging debt for expansion [47][48] Transition of Cryptocurrency Miners - The transition of cryptocurrency miners to AI data centers is seen as a viable solution, with early movers like CoreWeave benefiting from their strategic positioning [52]

Trading is quiet in MARA Holdings, Inc. (NASDAQ:MARA) Tuesday. But since its October peak, the price has dropped by more than 50%. It appears to have found support and may even be forming a new uptrend. We have made Mara Holdings our Stock of the Day.Some analysts believe that stock prices are random. They think past market behavior doesn't influence current behavior. They also believe that markets can't be out timed.These analysts are wrong. They don't understand how markets work.You can see on the chart b ...

Two investment banks are split over how top American Bitcoin miner MARA Holdings will perform, with JPMorgan slashing its most recent price target but Compass Point analysts upgrading its rating in separate notes on Monday. https://t.co/yG5RR0mkIk ...

Core Insights - The Bitcoin mining sector is facing significant valuation distortions due to inaccurate diluted share counts, which are underreported by 20%–33% for key companies, leading to an understatement of their combined market cap by approximately $8 billion [2][4]. Group 1: Valuation Discrepancies - JPMorgan's analysis indicates that the diluted share counts for Cipher Mining Inc and CleanSpark Inc have increased by about 20%, while Riot Platforms Inc and Marathon Digital Holdings Inc have seen increases of over 30% due to various stock issuances [4][6]. - The reliance on Bloomberg's diluted share counts as a reference point for market cap and enterprise value calculations results in investors undervaluing these companies [4][6]. Group 2: Sector Dynamics - The Bitcoin mining sector is bifurcating, with Cipher and CleanSpark benefiting from multi-year high-performance computing contracts and new data center capacities, which are becoming more valuable than Bitcoin mining itself [5]. - Conversely, Riot and Marathon, as the largest holders of Bitcoin, are experiencing reduced price targets due to deteriorating Bitcoin economics and increasing share counts [6]. Group 3: Implications for Investors - The inaccuracies in share counts lead to flawed financial ratios and valuation comparisons, which are critical for identifying genuine investment opportunities in a sector undergoing a significant business model transition towards AI-driven HPC revenue [7].

MARA Holdings Inc. (NASDAQ:MARA) is one of the best cryptocurrency stocks to buy for the long term. On November 17, Bernstein maintained a Hold rating on MARA Holdings Inc. (NASDAQ:MARA) with a $23 price target. MARA Holdings, Inc. (MARA) Bounces to Profitability on Bitcoin Surge and Expansion into AI Market Earlier on November 4, MARA Holdings Inc. delivered solid third-quarter results, characterized by a 92% year-over-year increase in revenue to $252 million. The robust revenue growth came on the compa ...

Market Overview - The U.S. stock market is experiencing volatility with mixed signals in premarket trading following a significant sell-off, driven by concerns over AI stock valuations and uncertainty regarding the Federal Reserve's interest rate policy [1][2][10] - Major indexes closed sharply lower in the previous session, with the Nasdaq Composite down 2.15%, S&P 500 down 1.56%, and Dow Jones Industrial Average down 0.84%, indicating a potential for significant weekly losses [5] Premarket Trading and Futures - Nasdaq 100 futures are down approximately 0.2% to 0.5%, while Dow Jones futures are up between 0.4% and 0.8%, and S&P 500 futures are largely unchanged or up around 0.3% to 0.6% [2] - The sentiment in premarket trading is characterized by a "risk-off" mood, particularly affecting the tech sector and cryptocurrencies, with Bitcoin trading around $82,800, its lowest since April 11 [3] Treasury Yields and Commodities - The yield on the 10-year Treasury note has slightly decreased to 4.07% from approximately 4.10% [4] - WTI crude futures have dropped 2.2% to $57.85 per barrel, and gold futures are down 0.6% at $4,035 per ounce [4] Upcoming Economic Events - Key economic events include remarks from Federal Reserve officials and the release of PMI Composite Flash and Consumer Sentiment data, which could influence market direction [6] - Investors are anticipating crucial economic data for the week of November 24th, including the U.S. Producer Price Index (PPI), Retail Sales, and Consumer Confidence, which may impact the Federal Reserve's stance [7] Corporate Earnings and Stock Movements - Nvidia (NVDA) shares fell 3.2% despite strong third-quarter results, reflecting concerns over AI sector valuations [13] - Walmart (WMT) saw a 6.5% increase in shares after exceeding expectations and raising its fiscal outlook [13] - Gap (GPS) shares rose 5.6% due to strong comparable sales, while Intuit (INTU) climbed 3.2% after better-than-expected fiscal results [13] - New Fortress Energy (NFE) surged 19.86% in premarket trading amid debt restructuring efforts [13] - Microsoft (MSFT) reported strong first-quarter results, while Alphabet (GOOGL) shares increased 8% following earnings, driven by AI momentum [13] - Meta Platforms (META) experienced a nearly 22% drop due to concerns over spending on AI projects [13] - Palantir (PLTR) shares fell 22% despite strong results, attributed to high valuation expectations [13]

Core Insights - The cryptocurrency market is experiencing heightened volatility, with a total market capitalization decline of 1.8% to $3.57 trillion as of November 12, 2025, and Bitcoin dropping to below $97,000, down 22% from its all-time high of approximately $126,000 in October [2][3] - Investor sentiment is diverging, with retail investors in "max desperation" mode while institutional investors remain stable [5] - Regulatory clarity is boosting investor confidence, with 55% of hedge funds now holding some exposure to crypto, up from 47% in 2024 [6] Company Summaries MARA Holdings, Inc. (NASDAQ:MARA) - MARA reported Q3 2025 revenue of $252.4 million, a 92% year-over-year increase, and net income of $123.1 million, a significant recovery from a net loss of $124.8 million in Q3 2024 [12][13] - The company is focusing on integrating AI infrastructure with Bitcoin mining and has over $7 billion in liquid assets [14][15] - Cantor Fitzgerald reduced its price target for MARA from $30 to $21 while maintaining an "Overweight" rating [12] Hut 8 Corp. (NASDAQ:HUT) - Hut 8 reported Q3 2025 revenue of $83.5 million, a 91% year-over-year growth, and net income of $50.6 million, up from $0.9 million in the previous year [19] - The company announced the sale of its 310-megawatt portfolio of natural gas plants to TransAlta, which reflects its strategic asset management [17] - Northland's analyst raised Hut 8's price target from $26 to $58, citing strong performance from its subsidiary, American Bitcoin [18] IREN Limited (NASDAQ:IREN) - IREN reported Q3 2025 revenue of $240.3 million, a 355% year-over-year increase, and adjusted EBITDA of $91.7 million, up 3,568% year-over-year [24] - Canaccord Genuity increased its price target for IREN from $42 to $70, highlighting the significance of its GPU cloud contract with Microsoft [23] - The company plans to expand its GPU infrastructure from 23,000 to 140,000 by the end of 2026, with Microsoft partially funding the expansion [25][26]