Last week's flush lower across markets — particularly crypto markets — is seeing at least a temporary reversal Monday, with investors cheered by Amazon's (AMZN) plans to invest up to $50 billion to expand artificial intelligence and supercomputing infrastructure for the U.S. government.
The news has helped send the Nasdaq higher by 2.3% at the noon hour on the east coast and the S&P 500 by 1.4%.
The risk-on attitude of markets is spreading to crypto, boosting bitcoin back to $87,300 after nearly falling through $80,000 at one point on Friday. Bitcoin still remains lower by more than 7% on a week-over-week basis.
The largest beneficiary of the Amazon news for now are the bitcoin miners who have tweaked business models to focus on AI infrastructure and high-performance computing. Cipher Mining (CIFR) surged 18%, while CleanSpark (CLSK) and IREN (IREN) gained 13%. Hut 8 (HUT) was higher by 9%.
Other crypto-related names in the green include Coinbase (COIN), Galaxy Digital (GLXY) and Bullish (BLSH), all sporting advances of 4%-5%.
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