Source: Cointelegraph Original: "{title}"
Update (March 26, 8:48 AM local time): This article has been updated to include comments from Benchmark stock analyst Mark Palmer.
As Microsoft reportedly canceled plans to invest in new artificial intelligence data centers in the U.S. and Europe, citing potential oversupply, Bitcoin (BTC) mining stocks have fallen, according to Bloomberg and data from Google Finance.
Data indicates that the stock prices of cryptocurrency miners Bitfarms, CleanSpark, Core Scientific, Hut 8, Marathon Digital, and Riot generally dropped between 4% and 12% following the news.
The stock price pullback highlights the increasing reliance of cryptocurrency miners on artificial intelligence model businesses, especially with mining revenues expected to decrease after the Bitcoin network "halving" in April 2024.
Benchmark stock analyst Mark Palmer stated that investors had long anticipated the reduction in Microsoft's data center investments.
He told Cointelegraph, "The stock price pullback seems to be driven more by the stagnation of Bitcoin prices, possibly compounded by investor fatigue, especially as mining difficulty approaches historical highs."
CORZ performance on Nasdaq. Source: Google Finance
Coin Metrics reported in March that miners are "diversifying into AI data center hosting to expand revenue and repurpose existing infrastructure to support high-performance computing."
For example, in June 2024, Core Scientific committed to providing 200 megawatts of hardware capacity to support CoreWeave's AI workloads.
In August 2024, asset management firm VanEck stated that if Bitcoin mining companies heavily invest in supporting AI, their total market capitalization could collectively increase by about $37 billion.
Nevertheless, miners are still facing challenges this year, as falling cryptocurrency prices exacerbate the pressure already felt from the April "halving," according to JPMorgan in March. Weakening demand for AI data centers may further increase this pressure.
Bitcoin miners can enhance their valuations by pivoting to AI. Source: VanEck
Reduction in computing resources
According to Bloomberg, TD Cowen analysts stated on March 26 that Microsoft has abandoned plans to build several new data centers that would have provided about 2 gigawatts of power supply.
Analysts noted that Microsoft's withdrawal decision was due to concerns over an oversupply of AI model computing capacity and the company's decision to abandon some planned collaborations with ChatGPT maker OpenAI.
According to Bloomberg, Microsoft has canceled multiple data center leases in the past six months and postponed plans to increase computing capacity.
Bloomberg reported that Microsoft’s data center investments are expected to further slow down by the second half of 2025, as the company shifts focus to equipping existing data centers with hardware and equipment after completing an $8 billion planned construction.
Related: GameStop stock rose 12% after announcing plans to purchase Bitcoin.
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