Cipher Mining (CIFR) Soars 44% on HPC Demand Optimism

We recently published 10 Stocks That Made Millionaires in Just a Week. Cipher Mining Inc. (NASDAQ:CIFR) is one of the best performers in last week’s trading.

Shares of Cipher Mining jumped by 44.28 percent week-on-week as investors loaded positions in Bitcoin mining and high-performance computing (HPC) companies on expectations that demand would surge for such services amid the growing artificial intelligence industry.

Investor sentiment was further buoyed after Nebius Group last week bagged an $18 billion cloud computing deal with Microsoft Corp.

For its part, Cipher Mining Inc. (NASDAQ:CIFR) is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. At present, Cipher Mining Inc. (NASDAQ:CIFR) is underway with the expansion of its Black Pearl sites to support the growing demand in HPC from both AI and hydro-Bitcoin mining.

“In the long run, we expect this site to be fully leased by HPC tenants. By taking this approach to building infrastructure today, we will be prepared to sign tenants when they are ready, while also preserving our flexibility to use the space for bitcoin mining in the near term, if preferred. In short, Black Pearl Phase II infrastructure will enable us to monetize access to power quickly, whether via HPC tenants or bitcoin mining,” said Cipher Mining Inc. (NASDAQ:CIFR) CEO Tyler Page.

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Disclosure: None. This article is originally published at Insider Monkey.