Bitcoin miners tied to AI rise as Nvidia posts big earnings beat
Nvidia's blockbuster earnings and strong outlook boosted Bitcoin miners with AI exposure, as the chipmaker's revenue surged 85% to $81.62 billion.
Nvidia posted another blockbuster quarter on Wednesday, with first-quarter revenue surging 85% year-over-year to $81.62 billion, beating Wall Street estimates of $78.9 billion. Adjusted earnings per share of $1.87 also topped analyst expectations of $1.76. The chipmaker guided for roughly $91 billion in current-quarter revenue, above consensus forecasts. The board authorized an additional $80 billion in share buybacks, signaling confidence in continued growth.
For cryptocurrency traders, the standout move was the rally in Bitcoin miners with artificial intelligence exposure. Companies like Core Scientific and Iris Energy, which have pivoted some of their high-performance computing capacity to AI workloads, saw their shares climb in sympathy with Nvidia's results. The strong AI demand narrative reinforces the thesis that miners with diversified revenue streams beyond Bitcoin block rewards are better positioned to weather crypto market volatility. Live crypto prices and charts on NowPrice show Bitcoin trading near recent highs, with miner stocks tracking the broader AI enthusiasm.
Looking ahead, traders will watch for further AI-related catalysts from other tech giants and the impact on energy demand for mining operations. Nvidia's guidance suggests sustained investment in AI infrastructure, which could benefit miners leasing out their data centers. However, any pullback in AI sentiment or a shift in Bitcoin's hashprice dynamics could reverse these gains. Key levels to monitor include Bitcoin's resistance at $70,000 and support at $65,000, with miner stock volatility likely to remain elevated.