Markets fell sharply last week, especially in crypto, and on Monday there was at least a brief reversal of sentiment as investors were buoyed by Amazon's announcement that it would invest up to $50 billion in the US government's plans to expand its artificial intelligence and supercomputing infrastructure.
The news pushed the Nasdaq up 2.3% and the S & P 500 up 1.4% by midday EST. Risk appetite also spread to the crypto market, with bitcoin prices recovering to $87,300 after falling below $80,000 at one point on Friday. Still, the bitcoin week-on-week ratio fell more than 7%.
The groups that benefited the most from the positive news from Amazon were those bitcoin miners that have adjusted their business models to focus on AI infrastructure and high-performance computing: Cipher Mining (CIFR) rose 18%; CleanSpark (CLSK) and IREN (IREN) both rose 13%; Hut 8 (HUT) rose 9%.
Other crypto-related companies are also generally higher, including Coinbase (COIN), Galaxy Digital (GLXY), and Bullish (BLSH), all up more than 4%.
Analysis: Amazon's $50 billion AI Infrastructure Investment Boosts Crypto Sentiment
2025-11-24 18:00:02
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