Former bitcoin miners turned AI data center players like IREN (IREN), Hut 8 (HUT), Cipher Mining (CIFR), and Keel Infrastructure (KEEL) suffered crushing declines this week alongside the continued reversal in the AI momentum trade.
The poster child for that trade — Leopold Aschenbrenner’s Situational Awareness fund — has reportedly blown up, with CNBC this morning reporting Aschenbrenner having sold everything in one big move.
For the moment, at least, that would seem to give the green light for investors to re-enter those popular AI names.
IREN, HUT, CIFR, and KEEL early Thursday are sporting gains of 18%-28%, reversing at least some of the week’s losses.
Other major advancers: MARA Holdings (MARA), Riot Platforms (RIOT), CleanSpark (CLSK), and Bitdeer (BTDR) are also higher by about 20%.
Galaxy Digital — which has its own major investments in data centers — is ahead 15.5%.
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