Look, Cipher Digital rose 6% today despite its quarterly numbers being quite mediocre. The thing is, the company is making a major pivot: moving away from Bitcoin mining to fully focus on HPC infrastructure. Revenues were $60 million when they expected $84.4 million, so the numbers didn’t add up.

The interesting part is that while the market initially punished this, (they fell 5% in pre-market), then recovered. It seems investors are more focused on what’s coming next. The company secured 600 megawatts of capacity for HPC, including long-term contracts with some cloud giants. That sounds pretty serious for a transition of this magnitude.

They also raised about $3.7 billion in bonds to finance two data center projects. They divested their holdings in inherited mining operations for around 40 million shares. Basically, they’re cleaning house and betting everything on this new high-performance computing direction. The KBW bank says it’s a positive step, but some analysts noted that some traders expected more HPC announcements along with these results. Do you think the market is truly buying into this transformation, or is it just speculation?