Crypto Miners Surge on US$17.4B Microsoft–Nebius AI Chip Deal

Nebius has secured a massive US$17.4 billion (AU$26.36 billion) deal to supply Microsoft with GPU technology for its AI infrastructure.
Shares of crypto mining companies surged, with Bitfarms climbing 22% and Cipher Mining rising 20%, leading the sector’s gains.
Nebius stock soared nearly 50%, reaching an intraday high of US$98.68 (AU$149.44) as investors reacted to the landmark agreement.

Shares of cryptocurrency mining firms rose sharply on Tuesday following news of a major deal between Nebius Group and Microsoft, valued at US$17.4 billion (AU$26.36 billion).

The agreement, running through 2031, will see the Netherlands-based Nebius provide dedicated GPU capacity to Microsoft’s artificial intelligence operations, with the option for expansion up to US$19.4 billion (AU$29.37 billion). The partnership will be supported by Nebius’s new data centre in Vineland, New Jersey, which is scheduled to begin leasing infrastructure in 2025, continuing to scale into 2026 and beyond.

Investor enthusiasm quickly spread across related markets, with crypto miners standing out as beneficiaries due to their high-performance computing resources. Bitfarms climbed 22%, while Cipher Mining advanced 20%, leading the sector’s rally.

Other mining stocks including IREN, Hut 8, Riot Platforms, and TeraWulf recorded double-digit percentage gains. MARA Holdings lagged behind, adding just 4%, as the company has recently shifted focus more toward Bitcoin holdings than large-scale computing infrastructure.

Related: Hut 8 to Spin Out Mining Ops, Expands US Capacity With 1.53 GW Buildout

AI Reshapes Mining

Interestingly, the strong rally in mining equities occurred even as Bitcoin itself fell about 1% in the past 24 hours, trading near US$111,100 (AU$168,276). This divergence underscored how investor attention has shifted from Bitcoin price moves to the broader potential of mining infrastructure in powering AI systems.

Nebius, valued at US$15.3 billion (AU$23.17 billion) prior to the announcement, saw its shares soar 49.4% on Tuesday, closing at US$95.72 (AU$145.00) after reaching a 52-week high of US$98.68 (AU$149.44). Trading volume spiked to nearly 88 million shares, significantly above its three-month average.

The move reinforced how AI demand is reshaping the business models of companies long tied to Bitcoin mining. With energy-intensive operations and access to large-scale GPU fleets, miners are increasingly being recognised as potential partners in the AI boom.

Related: JPMorgan Commits US$500M to AI Hedge Fund Numerai, Doubling Crypto-Friendly Manager’s Assets

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