Crypto Market Mood Lifted as Amazon Pours $50B Into AI Infrastructure

What to know:

• Amazon announced a $50 billion investment in AI and supercomputing infrastructure in the U.S.
• Markets are rallying across the board, with bitcoin retaking the $87,000 level and the Nasdaq rising more than 2%.
• Bitcoin miners, many of whom have shifted business models to focus on AI/HPC, are surging double-digit percentages in some cases.

Last week's flush lower across markets — particularly crypto markets — is seeing at least a temporary reversal Monday, with investors cheered by Amazon's (AMZN) plans to invest up to $50 billion to expand artificial intelligence and supercomputing infrastructure for the U.S. government.

The news has helped send the Nasdaq higher by 2.3% at the noon hour on the east coast and the S&P 500 by 1.4%.

The risk-on attitude of markets is spreading to crypto, boosting bitcoin back to $87,300 after nearly falling through $80,000 at one point on Friday. Bitcoin still remains lower by more than 7% on a week-over-week basis.

The largest beneficiary of the Amazon news for now are the bitcoin miners who have tweaked business models to focus on AI infrastructure and high-performance computing. Cipher Mining (CIFR) surged 18%, while CleanSpark (CLSK) and IREN (IREN) gained 13%. Hut 8 (HUT) was higher by 9%.

Other crypto-related names in the green include Coinbase (COIN), Galaxy Digital (GLXY) and Bullish (BLSH), all sporting advances of 4%-5%.