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