Cipher

Cipher, a bitcoin miner-turned-HPC developer, reported a Q2 net loss of $267.5 million, more than five times its loss from the same period last year. The company's stock slid 16% amid wider losses and Bernstein's assessment of potential upside from a Texas power audit.

Bernstein Research highlights that Core Scientific's 75% return on its AI deal is an outlier compared to TeraWulf's 5% and Cipher's 4% stabilized return on assets (ROA), attributing Core's performance to capital expenditure advantages.

AI contracts are now the primary factor driving miner valuations, surpassing Bitcoin's influence. Cipher and TeraWulf are highlighted as undervalued companies in this context.

The Zodiac killer case has taken a significant turn as an unsolved cipher was cracked, with America's top codebreakers indicating evidence points to a specific individual. The breakthrough marks a potential milestone in a decades-old criminal investigation.

Anthropic, an AI company, requires financial backing from larger entities like Broadcom and Google to secure loans for chip purchases due to its unprofitable and private status. The debt terms for Anthropic's $36 billion loan are significantly better when backed by A-rated Broadcom compared to unsecured portions. The article highlights risks of relying on 'blue-chip' cosigners, referencing past financial crises where such dependencies caused systemic failures.

Bitcoin miners and AI infrastructure expansion drive stock gains, with Cipher and Hut 8 reaching fresh highs. IREN climbed 10% after announcing a major AI infrastructure expansion linked to Dell.