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NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Cipher Digital Inc.  (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced it will provide a business update and release its third quarter 2026 financial results before U.S. markets open on Monday, November 2nd, 2026. Cipher will host a conference call and webcast that day at 8:00 a.m. Eastern Time.

An MSCI index rule change and a fresh convertible note sale are hitting crypto stocks hard, and the pressure on Strategy could get worse before it gets better depending on one regulatory decision due in November.

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An index decision and a fresh debt sale are pulling two crypto-linked names lower. Strategy (NASDAQ:MSTR | MSTR Price Prediction) stock is down 4% to $145.50 during the morning session after an index rule change from MSCI (NYSE:MSCI). Meanwhile, Cipher Digital (NASDAQ:CIFR) stock is down 3% to $9.75 after pricing new convertible notes.

At the same time, Riot Platforms (NASDAQ:RIOT) stock is down 4% to $14.94. As a Bitcoin (CRYPTO:BTC) miner, Riot runs a different model from both, since Strategy holds the token as its main treasury asset and Cipher Digital is converting former Bitcoin mining sites into AI data centers.

The broader mining group is lower, with the CoinShares Bitcoin Mining and Digital Power ETF (NASDAQ:WGMI) down 2%. At the same time, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.2%.

MSCI’s New Screen Puts Strategy’s Index Spot in Doubt
MSCI announced revised index eligibility rules for non-operating companies, replacing interim limits on companies with large digital asset reserves with financial tests. Those tests take effect with MSCI’s November index review, and Strategy is among the companies MSCI previously identified as potentially ineligible. ETFs tied to MSCI equity indexes held a record $2.818 trillion at the end of Q2 2026.

As the largest corporate holder of Bitcoin, Strategy reported 846,000 bitcoin on its books as of Q2, plus $6.7 billion in convertible debt. Strategy shares are falling even with Bitcoin at $81,903 and higher over the past 24 hours, a split that puts the index question at the center of the selloff. That pressure leaves Strategy stock down 5% year to date (YTD).

The upside for Strategy rests on MSCI’s rule that current index members are removed only after failing its screen in two consecutive annual filing periods. However, the bear case is index-driven selling if MSCI’s final list includes Strategy.

Cipher Digital Funds Barber Lake With Convertible Notes
Cipher Digital priced zero-coupon convertible senior notes this week to fund its Barber Lake data center project and other development, and the sale settles Friday. The notes carry no cash interest but can add shares if converted. Mining continues at its 207 megawatt (MW) Odessa, Texas site, where Cipher Digital is in active lease talks with multiple potential high-performance computing tenants.

Beyond the new notes, Cipher Digital’s Black Pearl data center delivered capacity two months ahead of schedule. Rent at Barber Lake is set to begin in October. Those two campuses and Stingray make up 700 MW of signed gross capacity for Cipher Digital.

For its Stingray facility, Cipher Digital raised $810 million through a bond offering at a 6% coupon. Its contracted portfolio targets $793 million in average annualized net operating income, yet Cipher Digital stock is down 34% YTD.

Riot and CleanSpark Carry Smaller Weights in the Mining ETF
Riot shares are up 20% YTD. Fellow miner CleanSpark (NASDAQ:CLSK) signed a 20-year, $6.6 billion triple-net lease at its Sandersville site with a high investment-grade tenant.

In September, CleanSpark closed $2.276 billion of senior secured notes. Like Riot, it is shifting toward digital infrastructure.

Within the CoinShares fund, Cipher Digital is the largest position at 18.1% of net assets as of June 30, compared with 4.9% for Riot and 4.6% for CleanSpark. That weighting ties the fund closely to Cipher Digital.

November Review Sets the Next Test for Strategy
A stronger Bitcoin price may not offset index-driven selling in Strategy shares if MSCI moves to exclude the company. MSCI’s November review is the next marker.

For Cipher Digital, the open variable is execution on the data center projects its new notes fund. Investors should consider keeping their position sizes modest until MSCI’s decision on Strategy settles.

Contact [email protected] for any questions or corrections.

NEW YORK, Oct. 14, 2026 (GLOBE NEWSWIRE) -- Cipher Digital Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”), a leading developer, owner and operator of industrial-scale data centers, today announced the pricing of its offering of $850.0 million aggregate principal amount of 0.00% convertible senior notes due 2032 (the “notes”) in a private offering (the “offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The issuance and sale of the notes are scheduled to settle on October 16, 2026, subject to customary closing conditions. Cipher granted the initial purchasers of the notes a 13-day option to purchase up to an additional $150.0 million aggregate principal amount of notes. Concurrently with the offering, Cipher expects to exchange a portion of its outstanding 1.75% Convertible Senior Notes due 2030 (the “2030 notes”).

The notes will be senior, unsecured obligations of Cipher. The notes will not bear regular interest, and the principal amount of the notes will not accrete. The notes will mature on November 1, 2032, unless earlier repurchased, redeemed or converted. Prior to August 1, 2032, the notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, the notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Cipher will settle conversions by paying or delivering, as applicable, cash, shares of its common stock, par value $0.001 per share (“common stock”), or a combination of cash and shares of its common stock, at Cipher’s election. The initial conversion rate will be 65.3211 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $15.31 per share of common stock. The initial conversion price represents a premium of approximately 35.0% over the last reported sale price of $11.34 per share of Cipher’s common stock on October 13, 2026. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.

The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Cipher’s option at any time, and from time to time, on or after November 5, 2029 and on or before the 30th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Cipher’s common stock exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. Cipher may also redeem the notes, in whole but not in part, at any time if the aggregate principal amount of notes then outstanding is less than 10% of the aggregate principal amount of notes initially issued (including any notes issued pursuant to the initial purchasers’ option to purchase additional notes) and certain other conditions are satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid special interest and additional interest, if any, to, but excluding, the redemption date.

If certain corporate events that constitute a “fundamental change” occur, then, subject to a limited exception, noteholders may require Cipher to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid special interest and additional interest, if any, to, but excluding, the applicable repurchase date. In addition, unless Cipher has previously called all outstanding notes for redemption, noteholders may at their option require Cipher to repurchase their notes for cash on November 1, 2030 at a repurchase price equal to the principal amount of the notes to be repurchased, plus accrued and unpaid special interest and additional interest, if any, to, but excluding, the repurchase date.

Cipher estimates that the net proceeds to it from the offering will be approximately $835.1 million (or approximately $982.5 million if the initial purchasers exercise in full their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions but before deducting Cipher’s estimated offering expenses. Cipher intends to use approximately $89.7 million of the net proceeds from the offering to fund the cost of entering into the capped call transactions described below and use the remainder to fund the additional equity investment in the Barber Lake project, support the build-out of its high-performance computing (HPC) strategy across its near-term pipeline, continue to expand its pipeline of development sites, and for general corporate purposes. If the initial purchasers exercise their option to purchase additional notes, then Cipher intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions.

Concurrently with the offering, in separate, privately negotiated transactions with a limited number of holders of the 2030 notes, Cipher expects to exchange approximately $165.9 million principal amount of the 2030 notes for aggregate consideration (inclusive of accrued interest) consisting of approximately 40.7 million shares of Cipher’s common stock (the “Concurrent 2030 Notes Exchange”).

Holders of the 2030 notes that participate in any such exchanges may purchase or sell shares of Cipher’s common stock in the open market and/or enter into or unwind various derivative transactions to unwind any hedge positions they may have with respect to the 2030 notes or to hedge their exposure in connection with these transactions. These activities could increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of Cipher’s common stock.

In connection with the pricing of the notes, Cipher entered into privately negotiated capped call transactions with certain of the initial purchasers or their affiliates and certain other financial institutions (the “option counterparties”). The capped call transactions will cover, subject to customary anti-dilution adjustments, the number of shares of Cipher’s common stock that initially underlie the notes. The cap price of the capped call transactions will initially be $28.35 per share, which represents a premium of 150% over the last reported sale price of Cipher’s common stock of $11.34 per share on October 13, 2026, and is subject to certain adjustments under the terms of the capped call transactions. The capped call transactions are generally expected to reduce the potential dilution to Cipher’s common stock upon any conversion of the notes and/or offset any potential cash payments Cipher is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap.

In connection with establishing their initial hedges of the capped call transactions, Cipher expects the option counterparties or their respective affiliates will enter into various derivative transactions with respect to Cipher’s common stock and/or purchase shares of Cipher’s common stock concurrently with or shortly after the pricing of the notes, including with, or from, certain investors in the notes. This activity could increase (or reduce the size of any decrease in) the market price of Cipher’s common stock or the notes at that time.

In addition, Cipher has been advised to expect that the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Cipher’s common stock and/or purchasing or selling shares of Cipher’s common stock or other securities of Cipher in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so (x) on each exercise date for the capped call transactions, which are expected to occur on each trading day during the 30 trading day period beginning on the 31st scheduled trading day prior to the maturity date of the notes and (y) following any early conversion of the notes, any repurchase of the notes by Cipher on any fundamental change repurchase date, any optional repurchase date, any redemption date or any other date on which the notes are repurchased by Cipher, in each case if Cipher exercises the relevant election to terminate the corresponding portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of Cipher’s common stock or the notes, which could affect noteholders’ ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares, if any, and value of the consideration that noteholders will receive upon conversion of the notes.

The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

J. Wood Capital Advisors LLC is acting as financial advisor to the Company.

About Cipher

Cipher develops and operates industrial-scale data centers engineered for next-generation computing at the highest standards of innovation, precision, and excellence. The Company brings together deep expertise across power sourcing, construction, engineering, operations, real estate, and technology to deliver high-quality data centers purpose built for HPC workloads. By partnering with premier tenants, Cipher seeks to meet the growing demand for industrial-scale data center capacity and become a leading HPC development platform that is built for hyperscale.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements regarding the completion of the offering, the initial purchasers’ option to purchase additional notes, the expected amount and intended use of the net proceeds, the completion and the effects of the Concurrent 2030 Notes Exchange and the effects of entering into the capped call transactions are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and its management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: whether the offering and the Concurrent 2030 Notes Exchange will be completed, including the satisfaction of the related closing conditions, whether the capped call transactions will become effective, volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts Cipher may make to modify aspects of Cipher’s business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, the ability of Cipher’s customers, tenants, and other counterparties to perform their contractual obligations, the ability of Cipher to complete its data centers and future strategic growth initiatives in a timely manner or within anticipated cost estimates, risks relating to the development, construction, and operation of Cipher’s data centers, the availability of capital and financing on acceptable terms, changes in market demand, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Cipher’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on February 24, 2026, and Cipher’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026 filed with the SEC on August 4, 2026, and in Cipher’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contacts:
Investor Contact:
Courtney Knight
Head of Investor Relations at Cipher Digital
[email protected]

Media Contact:
Ryan Dicovitsky
Dukas Linden Public Relations
[email protected]

Premium Feature

Moneyball Superscore

64/100

Today's Change

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-12.77

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-1.66

Current Price

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11.34

Cipher Digital (CIFR -12.77%), a Bitcoin (BTC +0.91%) mining and data center development company, closed at $11.34, down 12.77%. Premarket financing plans for $850 million in convertible notes pressured the stock, and investors are watching dilution risk alongside data center expansion and high-performance computing growth. Trading volume reached 123.5M shares, coming in about 257% above its three-month average of 34.6M shares. Cipher Digital IPO'd in 2020 and has grown 15% since going public.

How the markets moved todayS&P 500 (^GSPC -0.02%) closed at 7,805, down 0.02%, while the Nasdaq Composite (^IXIC -0.15%) closed at 27,204, down 0.15%. Among Bitcoin mining and industrial-scale data center development peers, MARA Holdings (MARA -3.50%) closed at $9.11, down 3.50%, and CleanSpark (CLSK -1.46%) closed at $10.15, down 1.46%.

What this means for investorsCipher Digital dropped 13% today after it announced plans to raise $850 million by offering 0% convertible notes due in 2032. There will also be an option for holders to buy another $150 million, potentially upping the raise to an even $1 billion.

Alongside this offering, Cipher exchanged its existing 1.75% convertible notes, due in 2030, for CIFR shares via private transactions with holders. This second part highlights why the market reacted so negatively to today's news, as there is a strong likelihood that this offering could be dilutive to shareholders over the long term.

Over the last five years, Cipher's shares outstanding have grown by 12% annually, with its total share count rising from 250 million to 414 million. Much like Fermi, Cipher's potential to thrive in an AI-computing era is a high-risk, high-reward proposition for investors -- albeit perhaps slightly less risky, since it generates revenue from Bitcoin mining sales.

The market's reaction is fair, but today's offering could prove to pay dividends over the long haul as the company invests in expanding its high-performance computing operations, especially if surging AI compute demand persists.

Cipher Digital Inc. (NASDAQ:CIFR) shares are trading lower after the company announced a proposed private offering of $850 million of 0.00% convertible senior notes due 2032, along with a concurrent exchange of a portion of its convertible notes due 2030.

In the latest close session, Cipher Digital Inc. (CIFR - Free Report) was down 3.85% at $13.00. This move lagged the S&P 500's daily loss of 0.06%. Elsewhere, the Dow saw an upswing of 0.38%, while the tech-heavy Nasdaq depreciated by 0.44%.

The company's stock has dropped by 19.76% in the past month, falling short of the Business Services sector's loss of 0.6% and the S&P 500's gain of 2.36%.

The investment community will be closely monitoring the performance of Cipher Digital Inc. in its forthcoming earnings report. It is anticipated that the company will report an EPS of -$0.31, marking a 3000% fall compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $37.99 million, down 47.02% from the year-ago period.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$1.36 per share and revenue of $216.23 million. These totals would mark changes of +36.74% and -3.44%, respectively, from last year.

Investors should also pay attention to any latest changes in analyst estimates for Cipher Digital Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Right now, Cipher Digital Inc. possesses a Zacks Rank of #3 (Hold).

The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 159, positioning it in the bottom 36% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Cipher Mining (NASDAQ:CIFR) CFO Greg Mumford said demand for AI infrastructure remains strong despite investor concerns over financing costs, construction execution and regulatory uncertainty, arguing that scarce power availability continues to be the primary constraint for prospective data center tenants.

Speaking at KBW’s inaugural AI Infrastructure Summit, Mumford said the company is in a period where investors are concentrating more heavily on its ability to physically deliver projects than on its ability to sign new leases. Cipher has signed leases and financed projects, he said, but is now in the construction phase before related cash flow begins appearing in its income statement.

“There are certainly a bunch of risks, some of them real and that deserve a healthy amount of respect,” Mumford said. He cited higher interest rates, increased debt issuance, construction complexity, tight labor markets and supply-chain pressure. However, he said concerns that underlying AI infrastructure demand is weakening are overdone. “We are continuing to see … lease terms improving despite the backdrop in equity markets,” Mumford said. “I still think scarce power is the constraint and demand is not changing from what we can see.”

Barber Lake Lease Points to Long-Term Asset Value Mumford highlighted Cipher’s Barber Lake facility in Texas as evidence of what he described as long-term value in AI data center assets. The company disclosed a lease commitment beginning 10 years in the future that adds $5.2 billion in contracted revenue over the subsequent decade, he said.

The first 10 years of the Barber Lake arrangement are under a lease with Fluidstack that is supported by a Google backstop, according to Mumford. Cipher structured debt on the project to fully amortize during that first term. By the start of the second 10-year lease, which directly faces an AI lab, the data center is expected to be substantially delevered, he said.

Mumford said AI campuses have different site requirements than conventional cloud data centers, including more land, significant power availability, room to expand and access to skilled labor. He argued that locations such as West Texas, Louisiana, Indiana and North Dakota could become top-tier markets for AI campuses even if they were not historically primary cloud data center markets.

He also said lease structures across the industry have strengthened. Terms initially centered on 10-year modified gross leases, but 20-year triple-net leases are increasingly becoming the baseline starting point in discussions, he said.

Texas Regulatory Process May Affect Timing Cipher’s Colchis project received conditional base-load status for 1 gigawatt in ERCOT’s Batch Zero process, with final designations expected following an audit in December. Mumford called the potential 1-gigawatt designation a significant development for the company.

He said the Texas Commission on Environmental Quality’s pause on data center permits until audits are complete could affect project timing, but he does not expect the process to weaken fundamental demand. Sites that already have approvals or sit outside processes that delay development could become more valuable to tenants, he said.

“Time to power and scarcity still drive most decision-making that we are seeing on the leasing front,” Mumford said.

While he declined to discuss demand at specific projects during a quiet period, Mumford said Cipher maintains active discussions with major hyperscalers, chip developers and other potential tenants with strong credit profiles.

Financing Costs Rise as Investors Focus on Execution Mumford said both benchmark interest rates and credit spreads for data center debt have increased. He attributed the widening spreads partly to investor attention on risks between lease signing and completion of a data center, including construction execution, labor availability and equipment procurement.

He said Cipher intends to protect returns by underwriting higher financing and equipment costs into new projects. Rather than relying only on higher lease rates, developers can use other contractual provisions, including delivery-service-level agreements, termination terms and pre-agreed cost-sharing arrangements, to manage risks.

Cipher’s prior project bonds were priced progressively tighter, with Cipher Compute at 7.13%, Black Pearl Compute at 6.13% and Stingray at 6%, according to the discussion. Mumford said the company’s bonds continue to trade near par and at what he described as relatively efficient yields compared with peers, though future financing would likely carry higher costs.

“The cost may change, but I don’t think our access to capital is diminishing,” he said.

Capital Recycling and Industry Consolidation Looking ahead, Mumford said Cipher expects capital recycling to be central to its business model. Potential options include refinancing stabilized assets, monetizing portions of projects or selling entire assets, he said. The company plans to evaluate each option based on its ability to create returns for equity holders without dilution.

He also said the AI infrastructure sector could eventually consolidate around companies that can originate sites, execute construction, secure efficient financing and recycle capital. Cipher has developed in-house engineering, procurement and construction management capabilities, along with greenfield site origination and financing operations, he said.

On construction costs, Mumford said capital expenditure per megawatt depends on tenant specifications, including redundancy requirements, backup generation and cooling systems. Cipher’s project budgets include land, permitting, engineering, development fees and other costs required to take a project from site acquisition through delivery, he said.

About Cipher Mining (NASDAQ:CIFR) Cipher Mining Inc is a digital asset mining company focused on developing and operating infrastructure for Bitcoin mining in the United States. The company runs large-scale data centers equipped with specialized application-specific integrated circuit (ASIC) machines that process transactions and secure the Bitcoin network.

In addition to mining Bitcoin, Cipher Mining develops and manages the supporting infrastructure required for its operations, including power procurement, electrical systems, cooling, site development and data center management.

Cipher Digital Inc. (CIFR - Free Report) ended the recent trading session at $15.48, demonstrating a -1.46% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.66%. Meanwhile, the Dow gained 0.18%, and the Nasdaq, a tech-heavy index, added 1.05%.

Heading into today, shares of the company had lost 11.44% over the past month, lagging the Business Services sector's loss of 4.68% and the S&P 500's gain of 0.55%.

Market participants will be closely following the financial results of Cipher Digital Inc. in its upcoming release. In that report, analysts expect Cipher Digital Inc. to post earnings of -$0.31 per share. This would mark a year-over-year decline of 3000%. Our most recent consensus estimate is calling for quarterly revenue of $37.99 million, down 47.02% from the year-ago period.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$1.36 per share and revenue of $216.23 million. These totals would mark changes of +36.74% and -3.44%, respectively, from last year.

Any recent changes to analyst estimates for Cipher Digital Inc. should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Cipher Digital Inc. presently features a Zacks Rank of #3 (Hold).

The Technology Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 172, finds itself in the bottom 31% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Crypto ETFs have remained resilient in 2026 despite higher rates and legislative roadblocks. With bitcoin prices back near $85,000, bitcoin ETFs (and the broader crypto ETF universe) have been back on investors' radars.

A Look at Cipher Digital Inc (CIFR) After 5.6% Decline -- GF Value $5.83 vs Price $16.74 On September 28, 2026, Cipher Digital Inc CIFR shares fell 5.6% to trade at $16.74, reflecting a broader trend of volatility in the stock's price, which has ranged from a low of $11.41 to a high of $30.14 over the past year.

GF Value™ verdict: Current price of $16.74 is 187.1% overvalued against a GF Value of $5.83.GF Score™: 44/100, indicating an average performance across various metrics.Most notable signal: Insiders have sold a total of $259.7 million in stock over the past 12 months, with no purchases.Is CIFR Overvalued or Undervalued?Analyzing the current price of Cipher Digital Inc against the GF Value™, we see a significant discrepancy. The GF Value™ is estimated at $5.83, suggesting that CIFR is currently trading at an alarming 187.1% above its intrinsic value. This extreme valuation reading serves as a directional warning to potential investors, particularly given that GF Value™ is based on historical trading multiples, past business growth, and future performance estimates. In the case of a company like CIFR, which is unprofitable and cash-flow negative, relying purely on earnings-based valuations such as Price-to-Earnings (P/E) may not provide a clear picture of its true worth. Instead, a Price-to-Sales (P/S) analysis is more relevant; CIFR's historical median P/S ratio stands around 13.4x, indicating that the current valuation may be unsustainable.

The GF Valuation label categorizes CIFR as significantly overvalued, a risk factor for those considering an investment. Investors should exercise caution, as the substantial gap between the market price and the GF Value™ suggests a lack of margin of safety.

How Does CIFR's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)3283.2x91.0xComparing Cipher Digital's current P/E ratio of 3283.2x to its historical 5-year median P/E of 91.0x reveals that the stock is trading at an extraordinarily high multiple, far exceeding its historical valuation. This analysis aligns with the GF Value™ verdict, indicating that CIFR is significantly overvalued based on traditional valuation metrics.

What Does CIFR's GF Score™ Tell Us?The GF Score™ measures the potential performance of a stock based on various key metrics, including financial strength, profitability, growth, valuation, and momentum. CIFR's score of 44/100 indicates an average performance with particularly strong momentum but very weak financial and profitability metrics.

MetricRatingGF Score™44Financial Strength3/10Profitability1/10Growth0/10Valuation1/10Momentum8/10The strongest area for CIFR is its momentum rank of 8/10, indicating some positive price movement in the short term. However, the weaknesses in financial strength (3/10), profitability (1/10), growth (0/10), and valuation (1/10) highlight significant concerns about the company’s long-term viability and performance.

What Are Gurus and Insiders Doing with CIFR?CIFR is currently held by 6 gurus, with 4 of them increasing their positions and 3 trimming them over recent quarters. This mixed activity suggests that while some institutional investors see potential in the stock, others are pulling back, potentially due to the high valuation and underlying risks.

In terms of insider activity, the fact that insiders have sold $259.7 million worth of stock without any buying suggests a lack of confidence from those closest to the company. This pattern typically raises red flags for potential investors, as significant insider selling can indicate that insiders do not believe the stock is a good buy at current prices.

What This Means for InvestorsGiven the current valuation metrics and the GF Value™ assessment, Cipher Digital Inc appears to be significantly overvalued at $16.74. The reliance on a P/S analysis over earnings-based metrics, coupled with the concerning insider selling and mixed guru activity, suggests caution for potential investors. For more comprehensive insights, you can visit the Cipher Digital Inc CIFR stock page or explore the GF Value™ page.

Frequently Asked QuestionsWhat is CIFR's GF Score™?

CIFR's GF Score™ is 44/100, indicating an average performance across key metrics.

Is CIFR overvalued or undervalued?

CIFR is currently overvalued, with a GF Value™ of $5.83 compared to its market price of $16.74.

What is CIFR's P/E ratio?

CIFR has a P/E ratio of 3283.2x, significantly higher than its historical median of 91.0x, indicating extreme overvaluation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

Key Takeaways Cipher Digital extends Barber Lake's lease to 20 years, raising contracted revenues above $9 billion.The added 10-year term is expected to generate about $5.2 billion in incremental contracted revenues.Barber Lake halls are slated for phased delivery from Q4 2026 to Q1 2027, with rent starting upon operation. Cipher Digital (CIFR - Free Report) has strengthened the long-term revenue visibility of its Barber Lake data center after extending the facility’s contracted lease duration from 10 years to 20 years. The agreements increase total contracted revenues at the Texas-based campus from roughly $3.8 billion to more than $9 billion, materially expanding the economic value of one of Cipher’s key high-performance computing assets.

The extension comes through an amendment to Cipher’s existing lease with Fluidstack and a binding commitment from a leading AI lab to lease Barber Lake for an additional 10 years after the current lease expires. The second 10-year term is expected to generate approximately $5.2 billion in incremental contracted revenues, with economic terms that are expected to be substantially consistent with the existing Barber Lake agreement.

Cipher has also revised the delivery schedule for Barber Lake as tenant requirements continue to evolve. Individual data halls are now expected to be delivered in phases from the fourth quarter of 2026 through the first quarter of 2027, with rent beginning as each hall becomes operational. The first rent commencement remains expected in the fourth quarter of 2026, and the company said it remains on track with the revised schedule.

The agreement also provides greater clarity around development costs. Cipher will absorb the first $359.3 million of costs above the facility’s original budget, while the tenant will reimburse the company for 50% of additional costs beyond that amount over the 20-year term. These reimbursements will be paid through additional rent and structured to provide Cipher with a contracted rate of return on the reimbursed investment.

Final Outlook on CIFRThe expanded Barber Lake agreement significantly improves Cipher Digital’s long-term contracted revenue base and demonstrates sustained demand for large-scale AI and high-performance computing infrastructure. The 20-year commitment also gives the company greater visibility into future cash flows while reinforcing Barber Lake’s role as a long-lived data center asset.

However, CIFR’s capital-intensive expansion into HPC and AI data centers requires substantial upfront investment, which could increase financing needs, leverage and potential shareholder dilution while exposing the company to execution risks such as project delays and cost overruns.

Over the past three months, shares of this Zacks Rank #4 (Sell) company have declined 28.6% compared with the industry's loss of 10.3%.

Image Source: Zacks Investment Research

Stocks to ConsiderSome better-ranked stocks from the technology services sector are Figure Technology Solutions, Inc. (FIGR - Free Report) and ScanSource (SCSC - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.

The Zacks Consensus Estimate for FIGR’s 2026 earnings per share (EPS) has moved northward by two cents to $1.20 over the past month.

The consensus estimate for SCSC’s 2027 EPS has moved up 8.3% to $4.56 over the past two months.

UBS has initiated coverage on five AI data center colocation stocks with Buy ratings, citing constrained compute supply and favorable power access positioning the group for rapid growth as AI adoption accelerates. 

The bank started coverage of Hut 8 Mining Corp (TSX:HUT, Unlisted (US):HUTMF), TeraWulf (NASDAQ:WULF), Applied Digital (NASDAQ:APLD), Core Scientific (NASDAQ:CORZ) and Cipher Digital (NASDAQ:CIFR), pointing to their cryptomining legacies and grid access as key advantages.  

UBS estimates the group has already secured roughly 5GW of leased capacity, worth about $125 billion in contracted revenue, with an additional 12GW of expansion potential in the pipeline. 

Time to power remains the primary constraint on scaling compute, UBS said, with global AI infrastructure requirements expected to triple to roughly 260GW of new data center capacity by 2030.  

The bank forecasts average annual EBITDA growth of about 80% across its coverage universe from 2027 to 2029, roughly 10% above Street estimates for 2029. Shares currently trade at 12 to 18 times 2028 EBITDA estimates, which UBS said largely reflects already contracted assets rather than pipeline upside. Price targets imply average upside of 36%. 

UBS noted the stocks have fallen roughly 45% from recent highs, though they remain up about 45% over the last 12 months, weighed down by concerns over frontier model pacing, NIMBY opposition, power uncertainty in Texas and rising yields.  

The bank sees a multi-year catalyst path built around delivery execution, pipeline clarity, new lease agreements, declining risk premiums, potential REIT conversion and strategic value tied to the gap between infrastructure and compute. 

Hut 8 is UBS's top pick in the group, with a $143 price target implying 45% upside, based on its pipeline size, leasing track record and tenant quality. TeraWulf carries a $24 target (41% upside), supported by its brownfield conversion strategy near population centers. Applied Digital has a $38 target (35% upside), with UBS flagging it as a strong REIT conversion candidate. Core Scientific's $24 target implies 33% upside, aided by its geographic diversification and AMD tenant relationship. Cipher Mining, with a $23 target and 25% upside, carries the widest risk-reward skew in the group at roughly +145%/-60%, given its concentration in Texas. 

UBS cautioned that the sector remains early-stage, with only about 15% of contracted capacity delivered so far, and that delivery delays or further rate increases could pressure valuations given the group's leverage. 

SummaryCipher Digital is rated a Speculative Buy, targeting $30–32 in 12 months, reflecting its AI pivot and major hosting contracts.CIFR's $11.4B total contracted revenue pipeline — anchored by a Google-backed Fluidstack lease — and rapid data center expansion underpin the bullish thesis despite recent revenue and earnings misses.Balance sheet risk is significant: $6B in debt, $800M convertible bonds, and potential dilution from Google’s 24M warrants.Execution risk is high as CIFR manages four large-scale projects simultaneously; timely delivery of Barber Lake and Stingray is critical. Andrew Burton/Getty Images News

I rate Cipher Digital, Inc. (NASDAQ: CIFR) a Speculative Buy. With a price of ~$19.49 per share and a market cap of ~$8.09 billion (52-week range from $11.01 to $30.14), the stock is trading according to a story

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Engineers Gate Manager LP acquired a new stake in shares of Cipher Mining Inc. (NASDAQ:CIFR – Free Report) during the second quarter, according to its most recent filing with the SEC. The fund acquired 64,759 shares of the company’s stock, valued at approximately $1,587,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. CoreCap Advisors LLC boosted its position in shares of Cipher Mining by 41.7% during the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock valued at $42,000 after acquiring an additional 500 shares during the last quarter. Abel Hall LLC boosted its stake in shares of Cipher Mining by 3.8% during the first quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock valued at $259,000 after purchasing an additional 739 shares during the period. Rathbones Group PLC increased its position in shares of Cipher Mining by 7.0% in the first quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock valued at $148,000 after acquiring an additional 750 shares during the period. Navellier & Associates Inc. increased its holdings in Cipher Mining by 3.7% during the 2nd quarter. Navellier & Associates Inc. now owns 25,230 shares of the company’s stock valued at $618,000 after purchasing an additional 901 shares during the period. Finally, Prospera Financial Services Inc raised its holdings in shares of Cipher Mining by 6.7% during the fourth quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock valued at $230,000 after acquiring an additional 980 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades Several research firms have weighed in on CIFR. Rosenblatt Securities reaffirmed a “buy” rating and set a $30.00 price objective on shares of Cipher Mining in a research report on Thursday, September 10th. JPMorgan Chase & Co. decreased their price objective on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Citigroup restated a “market outperform” rating on shares of Cipher Mining in a research note on Monday, August 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a research report on Wednesday, June 24th. Finally, BTIG Research lifted their target price on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Cipher Mining has an average rating of “Moderate Buy” and a consensus target price of $28.61.

Read Our Latest Stock Analysis on CIFR Cipher Mining Stock Up 10.8% Shares of CIFR opened at $16.72 on Thursday. Cipher Mining Inc. has a 1 year low of $11.01 and a 1 year high of $30.14. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. The business’s 50 day simple moving average is $18.47 and its 200-day simple moving average is $19.16. The stock has a market capitalization of $6.94 billion, a price-to-earnings ratio of -5.85 and a beta of 3.15.

Cipher Mining (NASDAQ:CIFR – Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.The business had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. During the same quarter last year, the firm earned ($0.12) earnings per share. As a group, equities analysts expect that Cipher Mining Inc. will post -1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining In other Cipher Mining news, CEO Tyler Page sold 112,500 shares of Cipher Mining stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the sale, the chief executive officer directly owned 9,084,225 shares of the company’s stock, valued at $192,494,727.75. The trade was a 1.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.09% of the company’s stock.

Cipher Mining Company Profile (Free Report)

Cipher Mining Inc is a United States-based bitcoin mining company that develops and operates data centers designed for large-scale cryptocurrency mining. Its operations use specialized computing equipment to process transactions on the Bitcoin network and earn bitcoin rewards, while the company also focuses on securing access to power and expanding its digital infrastructure.

The company has developed mining facilities in the United States, including sites in Texas, and has pursued additional infrastructure intended to support future growth.

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In the latest trading session, Cipher Digital Inc. (CIFR - Free Report) closed at $15.10, marking a -3.45% move from the previous day. This change lagged the S&P 500's 0.45% loss on the day. On the other hand, the Dow registered a loss of 0.63%, and the technology-centric Nasdaq decreased by 0.78%.

Coming into today, shares of the company had lost 15.49% in the past month. In that same time, the Business Services sector lost 2.97%, while the S&P 500 lost 1.99%.

The upcoming earnings release of Cipher Digital Inc. will be of great interest to investors. On that day, Cipher Digital Inc. is projected to report earnings of -$0.31 per share, which would represent a year-over-year decline of 3000%. Alongside, our most recent consensus estimate is anticipating revenue of $37.99 million, indicating a 47.02% downward movement from the same quarter last year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$1.36 per share and a revenue of $216.23 million, representing changes of +36.74% and -3.44%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Cipher Digital Inc. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 0.73% rise in the Zacks Consensus EPS estimate. Right now, Cipher Digital Inc. possesses a Zacks Rank of #4 (Sell).

The Technology Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 159, finds itself in the bottom 36% echelons of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

City Leaders Chose the Projects After July Storm Damage Cut Residents' Water; Barber Lake Data Center Draws No Water from the City's System  | Source: Cipher Digital Inc.

COLORADO CITY, Texas, Sept. 14, 2026 (GLOBE NEWSWIRE) -- Cipher Digital Inc. (NASDAQ:CIFR), a leading developer and operator of industrial-scale data centers, Fluidstack Ltd., an American builder of AI infrastructure, and Anthropic, the AI research and development company behind Claude, today committed a combined $10 million in repairs and upgrades to Colorado City's water system. The contribution will fund upgrades identified by Colorado City leaders to increase the availability and resilience of the city's water system following this summer's shortages. The companies will manage the funds in partnership with Colorado City leaders through the formation of the Colorado City Water Infrastructure Foundation, a newly established nonprofit organization funded exclusively by the companies to serve Colorado City.

Colorado City has faced chronic water outages due to aging infrastructure and severe weather. In July, storm damage at the city's well pump station left residents without reliable water for days. Cipher Digital, Fluidstack, and Anthropic are stepping forward to help their new neighbors address this issue.

The Foundation will work in coordination with the Colorado City Council under the leadership of Mayor Ruben Hurt, working closely with City Manager Donna Madrid and the City's contracted engineers. The City identified a slate of water infrastructure projects, including additional water storage capacity, replacing aging valves, and other water infrastructure needs that the companies have agreed to fund. The Barber Lake data center runs on its own on-site water supply and draws nothing from Colorado City's system, so every gallon of capacity these projects add goes to the city.

"As Texas continues to grow, it is important that the companies helping drive that growth are also good neighbors and partners in our communities," said Texas House Speaker Dustin Burrows. "This donation for Colorado City's water infrastructure will strengthen the region's water future while demonstrating a commitment to the Texans who call this community home. I want to thank the companies for their generosity and for investing in the long-term future of Colorado City and West Texas."

"When we welcomed these companies to our community, they told us they would be good neighbors," said Colorado City Mayor Ruben Hurt. "This $10 million contribution for critical repairs to our local water system demonstrates they meant every word."

"Being a good neighbor means showing up for the issues that matter most to the communities where we operate, even when those issues predate us," said Tyler Page, Cipher's Chief Executive Officer. "In Colorado City, we wanted to invest directly in solutions that will benefit the community for years to come. We're grateful to Speaker Burrows and local leaders for their partnership, and proud that Colorado City is home to one of our data centers."

"Everywhere Fluidstack operates, we try to listen first and understand what the community actually needs," said Kate Franko, Public Affairs Lead for Fluidstack. "This summer, our neighbors here had a problem. We asked if we could help, and we're glad the answer was yes."

"Communities that host AI infrastructure should be better off for it. Colorado City's leaders identified what their water system needs, and we're glad to help fund it,” said Ryan Wilson, Head of Economic Development for Anthropic.

Cipher built Barber Lake to meet the data center standards in Governor Greg Abbott's directives to the Public Utility Commission of Texas and ERCOT. The facility’s use of water will have no impact on local drinking water sources or residential utility bills.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including statements regarding the Foundation’s planned activities and projects, the administration and deployment of committed funds, coordination with Colorado City and other stakeholders, anticipated community benefits, and Cipher’s business objectives. Actual results may differ materially due to changes in project selection or scope; required approvals; coordination with the City, engineers and other stakeholders; engineering, permitting, procurement, construction, cost or timing constraints; and whether completed projects achieve their anticipated benefits. Additional risks are described in the “Risk Factors” sections of Cipher’s Annual Report on Form 10-K for the year ended December 31, 2025, its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and subsequent SEC filings. Forward-looking statements speak only as of the date made, and Cipher undertakes no obligation to update them except as required by law.

About Cipher
Cipher develops and operates industrial-scale data centers engineered for next-generation computing at the highest standards of innovation, precision, and excellence. The Company brings together deep expertise across power sourcing, construction, engineering, operations, real estate, and technology to deliver high-quality data centers purpose built for HPC workloads. By partnering with premier tenants, Cipher seeks to meet the growing demand for industrial-scale data center capacity and become a leading HPC development platform that is built for hyperscale. To learn more about Cipher, please visit cipherdigital.com.

About Fluidstack
Fluidstack is an American builder of AI infrastructure, deploying scaled compute at speed for leading AI labs, governments, and enterprises. From its growing base in Texas, Fluidstack builds with a commitment to transparency, local partnership, and environmental accountability. Learn more at fluidstack.io. 

About Anthropic
Anthropic is an AI research and development company that creates reliable, interpretable, and steerable AI systems. Anthropic’s flagship product is Claude, a large language model trusted by millions of users worldwide. Learn more about Anthropic and Claude at anthropic.com.

Cipher Contact:
Ryan Dicovitsky
Dukas Linden Public Relations
[email protected]

Fluidstack Contact:
Katie LePage
The Monument Group
[email protected]

Anthropic Contact:
[email protected]

Bitcoin miners like Cipher Mining, MARA, and Riot are falling several times harder than Bitcoin itself this morning, and the structural reason behind that punishing gap matters as much as the dip itself.

Cipher Mining (NASDAQ:CIFR) stock is down 6% to $15.92 in the regular session this Thursday morning, leading the Bitcoin (CRYPTO:BTC) miner group lower on a broadly risk-off tape. The decline outpaces every reasonable benchmark for the group by several multiples, even as the shares remain up 9.4% year to date (YTD).

Also lower, MARA Holdings (NASDAQ:MARA | MARA Price Prediction) stock is down 4% to $11.43 and Riot Platforms (NASDAQ:RIOT) stock is down 4% to $21.20 in a coordinated peer move. The three names are behaving as a single trade this morning, and holders are on the wrong side of that trade.

The iShares Bitcoin Trust ETF (NASDAQ:IBIT) is down 1% as the spot Bitcoin proxy for the session. Separately, the Invesco QQQ Trust (NASDAQ:QQQ) is down 0.76% as the broad large-cap technology tape. Both inputs the miners trade against are lower, and both are lower by a fraction of what the group is surrendering.

Why the Miners Amplify No verified company-specific development explains the size of the decline in Cipher Mining today, and the price action doesn’t require one. What the figures show is amplification: Bitcoin as expressed by the IBIT ETF is down modestly, the large-cap technology tape is down modestly, and the miners are down several times as much as either. That gearing is the structural feature of the group, and it works in both directions.

These equities combine operating leverage to the coin price with a shareholder base treating them as a high-beta expression of both crypto and general risk appetite. A small move in either input arrives magnified in the share price, and today the amplification is running strongly against holders. On the same tape, a rebound in either input would likely produce an equally outsized bounce in the shares.

Sell-side price targets sit well above today’s prints across the group. Consensus reads at $32.18 for Cipher Mining, $17.99 for MARA and $32.4 for Riot, which gives context to the size of today’s move but no comfort about the day itself.

Macro Backdrop Turns Unfriendly The session’s backdrop is Treasury yields near the top of their recent range and a broad rotation out of high-beta names. The 10-year Treasury yield printed at 4.80% on Tuesday, a period high in the supplied series and a level that reliably compresses long-duration equity multiples. Higher yields raise the discount rate applied to the miners’ pipeline of contracted data-center revenue and to the pass-through value of any future Bitcoin production.

The CBOE Volatility Index or VIX at 15.72 sits inside its normal 15 to 20 range, so this reads as ordinary caution across the tape. The miners are amplifying an unremarkable risk-off morning into a sharp one, which is exactly the trade-off in owning a high-beta expression of two already-volatile inputs. Miner betas back up that read, with MARA carrying a reported beta of 5.34 and Riot at 3.832.

Group Trades as One Cipher Mining, MARA and Riot Platforms are moving together this morning because they trade together most mornings, and the group increasingly comes with a technology-tape overlay. The pivot toward high-performance computing and AI data center leasing has folded a piece of the QQQ trade into names that used to move only with the coin. Riot in particular booked a landmark 20-year, 191 MW data center lease with a leading frontier AI lab that reframes its equity as much as a data-center developer as a miner.

Cipher Mining is likewise mid-pivot, with its Black Pearl HPC data center delivered ahead of schedule and rent beginning in August. MARA has added a 2 GW powered land site in Matagorda County, Texas and is converting most non-hosted capacity toward AI and critical IT under its Starwood partnership. The three miners are converging on the same playbook (the same power-and-cooling buildout we profiled beyond the chipmakers in a free AI infrastructure report), which is why they now amplify the same two inputs together.

The relationship shifts in both directions. Our coverage of these same names on Tuesday ran the other way, with the miners rallying while Bitcoin slipped. The useful question for a reader today is which input the group is tracking, and this morning the answer is that they are tracking neither closely and amplifying both.

What to Watch Investors can watch for whether the bid returns to the miners once Treasury yields settle and the broad-market tape stabilizes into the afternoon. Any incremental HPC or AI lease headline from the group would give management a chance to reframe the story away from the coin, and MARA has signaled at least one AI infrastructure lease before year-end 2026 as a near-term catalyst. Position-sizing discipline in your exposure to high-beta crypto equities matters more on days like this than on the greener ones.

Contact [email protected] for any questions or corrections.

In the latest trading session, Cipher Digital Inc. (CIFR - Free Report) closed at $16.90, marking a -8.7% move from the previous day. This change lagged the S&P 500's daily loss of 0.48%. Meanwhile, the Dow experienced a drop of 0.77%, and the technology-dominated Nasdaq saw a decrease of 0.64%.

The stock of company has risen by 7.55% in the past month, leading the Business Services sector's loss of 2.49% and the S&P 500's loss of 0.97%.

The investment community will be paying close attention to the earnings performance of Cipher Digital Inc. in its upcoming release. The company is expected to report EPS of -$0.31, down 3000% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $37.99 million, indicating a 47.02% downward movement from the same quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$1.36 per share and a revenue of $216.23 million, signifying shifts of +36.74% and -3.44%, respectively, from the last year.

Investors should also take note of any recent adjustments to analyst estimates for Cipher Digital Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.73% higher. Cipher Digital Inc. currently has a Zacks Rank of #4 (Sell).

The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 156, which puts it in the bottom 37% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow CIFR in the coming trading sessions, be sure to utilize Zacks.com.

Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) saw unusually large options trading on Tuesday. Traders bought 180,265 call options on the company. This represents an increase of 53% compared to the average volume of 117,563 call options.

Analyst Ratings Changes A number of equities research analysts recently issued reports on the company. Chardan Capital reaffirmed a “buy” rating and issued a $32.00 target price on shares of Cipher Mining in a research note on Tuesday, August 4th. Sanford C. Bernstein started coverage on Cipher Mining in a research report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price target for the company. Keefe, Bruyette & Woods cut their price target on Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Needham & Company LLC upped their price objective on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Finally, Morgan Stanley set a $43.50 price objective on Cipher Mining in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $28.61.

Check Out Our Latest Stock Report on CIFR

Cipher Mining Stock Performance NASDAQ:CIFR opened at $18.51 on Wednesday. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. The firm has a market cap of $7.68 billion, a PE ratio of -6.47 and a beta of 3.15. The firm has a 50 day simple moving average of $19.07 and a 200-day simple moving average of $19.15. Cipher Mining has a 1-year low of $7.90 and a 1-year high of $30.14. Cipher Mining (NASDAQ:CIFR – Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The firm had revenue of $24.84 million for the quarter, compared to analyst estimates of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.During the same quarter last year, the business posted ($0.12) EPS. On average, equities analysts expect that Cipher Mining will post -1.36 EPS for the current year.

Insider Buying and Selling In other news, Director Cary M. Grossman sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $29.43, for a total value of $441,450.00. Following the sale, the director directly owned 143,829 shares in the company, valued at $4,232,887.47. This represents a 9.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Tyler Page sold 112,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the transaction, the chief executive officer directly owned 9,084,225 shares of the company’s stock, valued at approximately $192,494,727.75. This trade represents a 1.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 131,258 shares of company stock worth $2,925,288 in the last three months. Corporate insiders own 3.09% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining Hedge funds have recently made changes to their positions in the business. Los Angeles Capital Management LLC acquired a new position in Cipher Mining in the fourth quarter valued at $25,000. Arax Advisory Partners grew its holdings in Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after buying an additional 1,338 shares during the period. Meeder Asset Management Inc. purchased a new stake in Cipher Mining in the 4th quarter valued at about $28,000. CWM LLC increased its stake in shares of Cipher Mining by 43.3% during the 4th quarter. CWM LLC now owns 2,661 shares of the company’s stock valued at $39,000 after acquiring an additional 804 shares during the last quarter. Finally, CoreCap Advisors LLC increased its stake in shares of Cipher Mining by 41.7% during the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock valued at $42,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

About Cipher Mining (Get Free Report)

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.

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Bitcoin miners turned data center operators are surging today, but the rally reveals a strange disconnect: these stocks still chase the coin even as billion-dollar AI lease deals rewrite what these companies actually are.

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Bitcoin-linked data center operators are rebounding today as Bitcoin (CRYPTO:BTC) stabilizes near recent lows, and none of the intraday moves trace to a fresh company announcement. The group carries its old mining identity into every session even as the underlying businesses evolve toward AI infrastructure. That gap between what these companies now sell and what their share prices respond to defines the trade.

The framing sits in the benchmarks. The Global X Data Center & Digital Infrastructure ETF (NASDAQ:DTCR) is up 2% to $27.87, while the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 1% to $774.02. Both funds sit well behind the individual miner moves, which places today’s rally in the speculative corner of the data center theme rather than across the sector broadly.

Cipher Mining (NASDAQ:CIFR) stock is up 12% to $17.08, retracing part of a steep monthly drawdown. Meanwhile, TeraWulf (NASDAQ:WULF) stock is up 8% to $15.95, the middle mover in the group and the name that already gets most of its revenue from something other than mining. IREN (NASDAQ:IREN) stock is up 4% to $41.14, the smallest of the three moves and the least bruised name entering the session. As for Bitcoin itself, it trades at $81,204.22, up 5% over the past 24 hours.

Oversold Bounce Meets a Steadier Coin No fresh company-specific announcement from Cipher Mining, TeraWulf, or IREN accounts for today’s session. All three began as Bitcoin miners and still trade with that association, more or less, so the group tends to move with the cryptocurrency on days that lack a corporate catalyst. Today’s gains follow a steep drawdown across the past month in two of the three names.

Cipher Mining stock was down 37% over the past month through the prior close, so a 12% bounce recoups only a portion of that ground. TeraWulf stock was up 29% year to date and down 21% over the past month through the prior close, capturing a strong 2026 gain that gave back significant ground into August. IREN stock heads into the day less battered on the monthly view, which helps explain why its snap-back looks more modest than the other two.

Revenue Mix Has Already Moved Past Mining The group trades on an identity it has partly outgrown. TeraWulf drew $31.9 million, or 71%, of its $44.8 million Q2 2026 revenue from high-performance computing rather than mining, and its largest commercial commitment is a 20-year Anthropic lease covering 401 megawatts with roughly $19 billion of initial contracted revenue, extendable to roughly $33 billion. That’s the same AI data-center demand we mapped through its power, cooling, and networking suppliers in a free report on seven picks-and-shovels names. Anthropic is a private company, so the counterparty risk sits inside a deal not marked to any public share price.

TeraWulf ended the second quarter with about $3 billion of cash and restricted cash and approximately $2.7 billion of net debt, so the backlog is contracted revenue that still has to be built and serviced before it becomes cash. Short interest settlement data showed 107.16 million TeraWulf shares sold short at the August settlement date, equal to 25.5% of the reported float and 3.44 days of average volume. That positioning mechanically amplifies upside moves in the shares in a way it wouldn’t in a lightly shorted name.

Cipher Mining and IREN shares don’t trade with the same short-interest torque, though the underlying HPC pivots follow a similar shape. At Cipher Mining, the Black Pearl campus is delivering initial HPC capacity and an $810 million bond offering at a 6% coupon fully funds the Stingray site, part of a portfolio targeting roughly $793 million of average annualized net operating income. IREN operates $1 billion of AI Cloud annual recurring revenue and targets $4 billion of contracted ARR operational by December 31.

What to Watch Next The DTCR ETF’s smaller gain and the broad market’s smaller gain still place this rally in the speculative corner of the theme rather than across data center infrastructure generally. Traders can watch for signs that Bitcoin’s stabilization holds, since the group’s short-term direction still follows the coin more than the multi-billion dollar lease backlogs at TeraWulf, Cipher Mining, and IREN. Earnings catalysts are now behind all three names, so cryptocurrency direction and execution updates are the next legible triggers.

Investors should size their positions to survive the volatility in their exposure to this theme. A name that trades with a cryptocurrency and carries roughly a quarter of its float on the short side can retrace fast in either direction, and the contracted revenue that anchors the long-term case is still years away from arriving as cash on the income statement. Today’s gains, while noteworthy, don’t materially alter that timeline.

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The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?

Let's take a look at what these Wall Street heavyweights have to say about Cipher Digital Inc. (CIFR - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Cipher Digital Inc. currently has an average brokerage recommendation (ABR) of 1.22, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 18 brokerage firms. An ABR of 1.22 approximates between Strong Buy and Buy.

Of the 18 recommendations that derive the current ABR, 15 are Strong Buy and two are Buy. Strong Buy and Buy respectively account for 83.3% and 11.1% of all recommendations.

Brokerage Recommendation Trends for CIFR

Check price target & stock forecast for Cipher Digital Inc. here>>>

While the ABR calls for buying Cipher Digital Inc., it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.

Zacks Rank Should Not Be Confused With ABRIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.

In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Is CIFR a Good Investment?In terms of earnings estimate revisions for Cipher Digital Inc., the Zacks Consensus Estimate for the current year has declined 70.8% over the past month to -$1.36.

Analysts' growing pessimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates lower, could be a legitimate reason for the stock to plunge in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for Cipher Digital Inc. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Therefore, it could be wise to take the Buy-equivalent ABR for Cipher Digital Inc with a grain of salt.

Cipher Mining is down -6.9%, or -$1.19 to $16.02.

Shares of Cipher Digital Inc. (NASDAQ:CIFR) are sliding Tuesday afternoon, caught in a broader market pullback that dragged down high-valuation growth equities.

The downturn comes amid rising benchmark Treasury yields, which heightened fears over sustained borrowing costs across capital-intensive sectors.

Cipher Digital shares are sliding. Why is CIFR stock falling? Rising Treasury Yields Weigh on ValuationsA primary driver for Tuesday’s drop is the sharp increase in interest rates, as higher long-term yields increase equity discount models and make corporate debt financing more expensive.

For infrastructure developers like Cipher, expanding data center capacity requires substantial capital commitments, leaving investors increasingly sensitive to shifting macroeconomic conditions.

The market also continues to digest Cipher’s recent second-quarter financial update. While management highlighted operational progress, such as accelerating capacity delivery at its Black Pearl facility and securing a option for a 900-megawatt site near San Antonio, the company reported a quarterly net loss of $267.5 million alongside lower Bitcoin-mining revenues.

Although Cipher boasts an expanding contracted revenue backlog and continues its pivot toward high-performance computing and AI data centers for hyperscale tenants, potentially elevated project interest expenses and massive capital expenditures keep the stock vulnerable to macroeconomic shocks.

CIFR Shares Slide Tuesday AfternoonCIFR Price Action: Cipher Digital shares were down 8.86% at $16.86 at the time of publication on Tuesday, according to Benzinga Pro data.

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Neocloud stocks are rallying Wednesday after a pair of blowout earnings reports from sector leaders CoreWeave Inc. (NASDAQ:CRWV) and Nebius Group N.V. (NASDAQ:NBIS) reinforced the scale of AI infrastructure demand.

CRWV stock is racing higher. See the real-time price action here.  CoreWeave posted second-quarter revenue of $2.58 billion late Tuesday, up 112% year-over-year and ahead of the $2.56 billion analysts had expected. Revenue backlog jumped to $104 billion, nearly triple the year-ago figure, and management raised full-year guidance to $12.4 billion-$13.2 billion. 

Nebius followed Wednesday morning with its own beat. Revenue came in at $582.3 million, a 454% jump from the year-ago quarter and above the roughly $574 million consensus estimate. Adjusted EBITDA turned positive at $236.2 million, versus a loss in the same period last year. 

Shares across the neocloud trade are higher Wednesday:

CoreWeave: up 18.2% Nebius Group: up 15.67% IREN Limited (NASDAQ:IREN): up 8.01% Hut 8 Corp. (NASDAQ:HUT): up 7.57% Applied Digital Corp. (NASDAQ:APLD): up 7.7% Core Scientific Inc. (NASDAQ:CORZ): up 7.24% Cipher Mining Inc. (NASDAQ:CIFR): up 6.04% Galaxy Digital Inc. (NASDAQ:GLXY): up 5.22% TeraWulf Inc. (NASDAQ:WULF): up 4.9% Read Next

Neoclouds are cloud providers built specifically around renting out graphics processing units for artificial intelligence work, rather than offering the sprawling menus of services sold by traditional hyperscalers like Amazon.com Inc. (NASDAQ:AMZN), Microsoft Corp. (NASDAQ:MSFT) or Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG). 

The model, often called GPU-as-a-service, gives AI labs and enterprises fast access to Nvidia Corp. (NASDAQ:NVDA) chips without the capital burden of building data centers from scratch. 

Several names in the group, including IREN, Applied Digital, TeraWulf, Core Scientific, Cipher Mining and Hut 8, started as Bitcoin (CRYPTO:BTC) miners before converting their power infrastructure toward AI hosting as GPU demand outpaced crypto economics.

The TakeawayThe two earnings reports matter beyond the individual companies. CoreWeave and Nebius sit at the center of a debate over whether hyperscalers will eventually build enough of their own capacity to sideline third-party GPU providers. 

Wednesday’s numbers argue the opposite is happening for now — demand keeps outrunning supply, and both companies described near-term capacity as effectively sold out.

Risks remain heavy on both balance sheets. CoreWeave’s net loss widened to $626 million in the quarter as interest expense climbed to $640 million on rising debt loads, while Nebius swung to a $190.4 million net loss from continuing operations, partly reflecting a prior-year investment gain that did not repeat. 

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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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