IREN, CIFR and BITF Among BTC Miners Posting Gains Alongside AMD

The wave of massive contracts in the artificial intelligence (AI) and high-performance computing (HPC) sector continues, with the latest coming from OpenAI, which has agreed to buy tens of billions of dollars worth of chips from Advanced Micro Devices (AMD).

The deal, according to the Financial Times, could also see OpenAI acquire up to a 10% stake in AMD over time. AMD shares surged around 30% currently changing hands at about $225.

The chips purchased under this agreement will provide a total computing power capacity of 6 gigawatts (GW). OpenAI executives estimate that 1 GW of capacity costs roughly $50 billion to develop, including chips and the necessary supporting infrastructure, according to the article.

As a result, shares of AI and HPC-focused miners often rally on the back of such large-scale deals and infrastructure buildouts.

During Monday’s U.S. open: Bitfarms (BITF) gained 8%, IREN (IREN) rose 12% to trade at all-time highs around $56, Hive Digital (HIVE) advanced 12%, Cipher Mining (CIFR) climbed 7%, CleanSpark (CLSK) added 5%, and TerraWulf (WULF) was also up 5%.

Galaxy Expanding into AI/HPC

Galaxy Digital (GLXY) has emerged as a key beneficiary of the rapid re-pricing in the AI and HPC infrastructure sector, having converted its Helios campus into a large-scale AI/HPC data center.

In August, the company secured $1.4 billion in project financing to retrofit the facility and signed a long-term lease with CoreWeave (CRWV) covering up to 800 MW of compute capacity.

It’s shares were also higher by 5% on Monday as the AMD news combined with the company’s launch of GalaxyOne, a new wealth management platform offering 4% yield on FDIC-insured cash and seamless auto-investment into crypto and U.S equities.

GLXY shares are now up 116% year-to-date.