Cipher Digital Inc. (NASDAQ:CIFR) is one of the 10 Stocks Powering Portfolios by Double Digits.
Cipher Digital, formerly Cipher Mining Inc., climbed by 28.9 percent week-on-week as investors poured funds into companies riding the AI wave, helped by an overall market optimism after the US and Iran struck a two-week ceasefire.
The stock rallied alongside its high-performance computing (HPC) counterparts. Technology stocks were among the most favored sectors as they were seen as less vulnerable to the Middle East tensions.
For illustration purposes only. Photo by Brett Sayles on Pexels
In recent news, Cipher Digital Inc. (NASDAQ:CIFR) bagged a 15-year leasing deal with a major hyperscaler for the development and delivery of a new HPC data center at one of its existing sites.
“This agreement for our third large AI campus reinforces Cipher’s position as a trusted partner to develop high-quality HPC data center infrastructure for the world’s leading companies,” Cipher Digital Inc. (NASDAQ:CIFR) CEO Tyler Page said.
Additionally, Cipher Digital Inc. (NASDAQ:CIFR) successfully raised $200 million in fresh funds from a revolving credit facility, with an option to upsize the amount by up to $50 million.
Proceeds from the offer will be used to enhance liquidity, support working capital, and fund growth initiatives.
The credit facility bears interest at the secured overnight financing rate plus 1.25 percent to 1.75 percent.
While we acknowledge the potential of CIFR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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finance.yahoo.com
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