The Hidden Engine of Artificial Intelligence: How Cryptocurrency Miners Drive the Future of Computing

Nebius Group signed a $17.4 billion contract with Microsoft to provide GPU capacity for artificial intelligence infrastructure until 2031, with the option to expand the contract amount to $19.4 billion. Nebius shares surged nearly 50% intraday to a 52-week high of $98.68. Cryptocurrency mining stocks also rose, with Bitfarms and Cipher Mining up 22% and 20% respectively. The deal highlights the growing role of mining companies in supporting the development of artificial intelligence, and investors' focus has shifted from cryptocurrency prices to the utility of computing infrastructure.