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We recently published a list of 10 Firms Buck Market Slump on Impressive Earnings, New Deals. In this article, we are going to take a look at where Cipher Mining Inc. (NASDAQ:CIFR) stands against other firms buck market slump on impressive earnings, new deals.
The stock market ended the trading week in the red territory following President Donald Trump’s announcement that he would begin slapping tariffs against major US trading partners.
The Dow Jones shed 0.75 percent, the S&P 500 lost 0.50 percent, while the Nasdaq Composite dropped by 0.28 percent.
Ten companies bucked a wider market decline amid a flurry of positive catalysts that sparked buying appetite. In this article, we will take a look at which companies posted notable gains and explore the reasons behind their performance.
To come up with Friday’s gainers, we only considered those with $2 billion in market capitalization and $5 million in daily trading volume.
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Cipher Mining Inc. (NASDAQ:CIFR)
Cipher Mining Inc. (NASDAQ:CIFR) became Friday’s biggest winner, having booked a 21.91-percent gain to close at $5.73 apiece as news of securing worth $50 million in fresh funds sparked buying appetite.
In a statement, Cipher Mining Inc. (NASDAQ:CIFR) said SoftBank invested $50 million in Cipher Mining through the purchase of approximately 10.4 million Cipher Mining shares.
The company said proceeds from the investment would be used for its high-performance computing data center initiatives.
“This investment comes at a pivotal moment in Cipher’s growth trajectory, as the Company continues to attract attention for its pipeline of sites and innovative solutions in industrial-scale data centers,” Cipher Mining CEO Tyler Page said.
“Softbank’s focus on innovation in technology and AI development aligns with our vision to establish ourselves as a leader in HPC data center development,” he added.
Overall, CIFR ranks 1st on our list of firms buck market slump on impressive earnings, new deals. While we acknowledge the potential of CIFR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CIFR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.