Bitcoin mining stocks rise as Nvidia results lift AI sector

Core Insights - Bitcoin mining stocks experienced a rise, driven by Nvidia's stronger-than-expected quarterly results, with notable increases in IREN (9%), TeraWulf (9%), Core Scientific (5%), and Cipher Mining (13%) [1] - Nvidia reported a 62% revenue growth in Q3, marking its first acceleration in seven quarters, which added approximately $300 billion in market value to AI-related stocks [2] - Publicly traded bitcoin miners with hyperscale contracts have been decoupling from bitcoin prices since August, a trend that accelerated after Nvidia's earnings announcement [2] Company Developments - Cipher Mining's shares increased by 10% following a 56-megawatt, 10-year hosting contract with Fluidstack, adding about $830 million in contracted revenue, raising total contracted revenue with Fluidstack to approximately $3.8 billion [3][4] - IREN announced a five-year cloud compute agreement with Microsoft valued at about $9.7 billion, marking its first major hyperscaler contract, which includes a 20% prepayment and is supported by four new liquid-cooled data centers [5] - IREN also secured a GPU-related infrastructure agreement with Dell Technologies worth about $5.8 billion, funded through existing cash and new financing, leading to a 21% rise in shares [6] Investment Trends - AI-focused hedge funds have increased their exposure to miners transitioning into compute services, with significant positions reported in Core Scientific ($362 million) and IREN ($338 million) as of September 30 [7]