Blog

We recently published 10 Stocks Beating Wall Street’s Bets. Cipher Mining Inc. (NASDAQ:CIFR) is one of the best performers on Friday.

Cipher Mining soared by 19.73 percent on Friday to finish at $20.66 apiece as investors hunted for AI stocks amid renewed optimism supported by Oracle Corp.’s $38 billion data center expansion deal.

During the session, Cipher Mining Inc. (NASDAQ:CIFR) rallied alongside its counterparts, namely IREN Ltd. and Hut 8 Corp., as Oracle’s announcement strengthened optimism for sustained infrastructure demand to power the next-generation AI.

In other developments, investors began repositioning portfolios ahead of Cipher Mining Inc.’s (NASDAQ:CIFR) third quarter earnings results before market open on Monday, November 3. A conference call will be held to elaborate on the results.

AI aside, Cipher Mining Inc. (NASDAQ:CIFR) earlier this month announced that it was able to produce 251 Bitcoins in September, marking an increase of 10 units from 241 in August, thanks to a higher self-operating hash rate of 23.6 EH/s versus 23 EH/s in the same comparable period.

It also sold 158 Bitcoins during the period, versus 42 units in August, taking advantage of the surge in Bitcoin prices during the period.

While we acknowledge the potential of CIFR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.