Shares of AI, high-performance computing (HPC), and Bitcoin mining firms surged after OpenAI announced a multi-billion-dollar chip agreement with Advanced Micro Devices (AMD).
According to the Financial Times, the deal could also allow OpenAI to acquire up to a 10% stake in AMD over time. AMD shares jumped roughly 30%, trading near $225. The agreement covers chips providing 6 gigawatts (GW) of computing power, with OpenAI estimating each GW costs around $50 billion including supporting infrastructure.
AI and HPC-focused Bitcoin miners responded strongly: Bitfarms (BITF) gained 8%, Iris Energy (IREN) rose 12% to an all-time high near $56, Hive Digital (HIVE) climbed 12%, Cipher Mining (CIFR) added 7%, and CleanSpark (CLSK) and TerraWulf (WULF) each rose 5%.
Galaxy Digital (GLXY) also benefited, gaining 5%, driven by its Helios campus conversion into a large-scale AI/HPC data center and $1.4 billion in project financing. The launch of its GalaxyOne platform, offering a 4% yield on FDIC-insured cash and auto-investment into crypto and U.S. equities, further supported gains. GLXY shares are now up 116% year-to-date.
