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HPC miner cohort rebounding STRONGLY today following the drawdown of the past couple weeks. This is despite BTC really only moving from $60k-$62k. We still like these names, HUT-3.19% , CORZ-2.88% , WULF-4.90% , IREN2.09% , HIVE-3.85% , BTBT-2.38% , given tailwinds from both AI and BTC0.53% .

The ongoing surge in the DXY, which began with the hot NFP numbers on Friday and is being exacerbated by the relative EUR weakness today, continues to weigh on crypto prices. However, there is a bright spot found in the miners today. Three of the names we added to our recommended crypto equities last week as part of our HPC + AI basket are in the green (IREN2.09% , WULF-4.90% , CORZ-2.88% ), with IREN leading the way, up about 15% today as the market starts to appreciate the opportunity for miners to leverage their capacity to serve HPC markets. We think it is right to lean into this strength.

WGMI-2.03%  is up over 10% today, driven by strong performances from constituents like CORZ-2.88%  and WULF-4.90% . These companies are receiving significant interest today due to their initiatives to diversify into AI/HPC compute hosting. CORZ-2.88%  has been working on diversifying its capacity for some time, but today's announced hosting deal with CoreWeave led to a 40% increase in its share price, and broader investor attention towards the intersection of BTC0.53%  and HPC.

Terawulf (WULF-4.90% ), a smaller Bitcoin miner, released their November production report, noting that they achieved a 3% production growth from October, largely due to transaction fees. They are one of several miners to have acknowledged the inscriptions-driven windfall in a company press release. We believe that equity markets will begin to reassess and reprice miners higher once this dynamic is recognized by traditional equity analysts.MARA-3.49% RIOT-1.87% WGMI-2.03%