Legacy bitcoin miners that have since pivoted to artificial intelligence, hyperscale computing and data center infrastructure continue to be rewarded on Wednesday.
A slew of related equities rallied by double-digit percentages, with some even carving out new all-time highs.
It is a continuation of a months-long rally that has seen former pure-play bitcoin miners switch off their rigs and divert their resources and capital to AI power and compute infrastructure — businesses many investors now see as more attractive than traditional mining operations.
IREN IIREN+13.48% led the sector higher on Wednesday, climbing more than 13% and getting closer to a fresh all-time high as investors keep piling into the company's expanding AI infrastructure business.
IREN (IREN) stock price chart. Source: The Block/TradingView
