Crypto mining stocks, like Bitfarms and Cipher Mining, surged on Monday, with gains of 26% and 20% respectively. The rally was driven by optimism around booming AI compute demand benefiting miners. Additionally, companies like Bitdeer, IREN, and MARA Holdings saw advances of around 10%.

OpenAI’s deal with Broadcom to build custom chips for AI and machine learning boosted sentiment. Bloom Energy also announced a $5 billion deal with Brookfield to deploy fuel cells in data centers to meet AI’s energy demand. These developments contributed to the positive market performance on Monday.

Trade tensions between the U.S. and China led to a steep downturn on Friday, but investor concerns eased over the weekend. The Nasdaq and S&P 500 indexes were up 2.1% and 1.4% on Monday. Other crypto-related names, like Strategy, Coinbase, and Robinhood, also saw modest gains amid the market recovery.

Ethereum treasury firm BitMine bounced almost 7% by purchasing over 200,000 tokens worth over $840 million at current prices. The move aimed to capitalize on the recent crypto plunge. Overall, the crypto market showed resilience and rebounded from the recent downturn, with various companies and stocks experiencing positive momentum.

Read more at Yahoo Finance: Bitcoin Miners Lead Crypto Stock Bounce as OpenAI-Broadcom Deal Fuels AI Trade