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The Nasdaq 100 fell 1.5% at midday Friday as memory chips and AI-debt names sold off, while Fed Chair Warsh declined to rule out an October hike after hot CPI and PPI. WTI held near $96, the 10-year yield hovered around 5.1%, gold bounced toward $4,200 and bitcoin traded near $81,300.
Applied Digital stock drops as AI debt concerns & surging CoreWeave bond yields trigger a sector-wide sell-off. Get the breakdown.
AI cloud debt concerns, a Gartner warning on neocloud providers and hot inflation data weigh on Cipher Digital stock.
Cipher Digital (CIFR) stock fell 25.7% this week after announcing an $850 million convertible debt offering and exchanging $165.9 million of existing notes for 40.7 million common shares. While the dilution concerned investors, the company's 20-year Barber Lake lease extension boosting contracted revenue to over $9 billion and its pivot toward high-performance computing infrastructure provide long-term growth potential. Analysts view the sell-off as a potential buying opportunity despite execution risks from construction cost overruns.
Cantor Fitzgerald analyst Brett Knoblauch maintains Cipher Digital (NASDAQ:CIFR) with a Overweight and lowers the price target from $28 to $19.