Nvidia's earnings report exceeded expectations, and Bitcoin mining stocks surged after hours

According to The Block, Nvidia reported third-quarter revenue of $57 billion, with fourth-quarter revenue expectations exceeding analyst forecasts, prompting its stock price to rise 5% in after-hours trading. This strong performance has driven the price of Bitcoin back up to around $91,000, while also significantly boosting cryptocurrency mining stocks.

Cipher Mining led the charge, rising over 13% in after-hours trading; IREN followed closely with an increase of about 10%; Bitfarms, TeraWulf, and CleanSpark also saw significant gains. Notably, several Bitcoin miners are actively transitioning to AI infrastructure businesses, such as IREN signing a $9.7 billion AI cloud agreement with Microsoft and Cipher Mining reaching a $5.5 billion AI hosting agreement with AWS.