10 Firms Buck Market Slump on Impressive Earnings, New Deals

1. Cipher Mining Inc. (NASDAQ:CIFR)

Cipher Mining 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 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.

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 timeframe. 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.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

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