Shares of AI-related Bitcoin miners rise after Nvidia posts strong results and a robust outlook.

Nvidia’s stronger-than-expected earnings and upbeat artificial intelligence outlook lifted Bitcoin mining stocks tied to data center and high-performance computing demand, even as the chipmaker’s shares slipped on concerns about future growth momentum.

Nvidia (NVDA) delivered another record quarter on Wednesday, driven by surging demand for AI infrastructure that pushed revenue, profits, and cash flow to new highs.

The company reported first-quarter revenue of $81.62 billion, up 85% from $44.06 billion a year earlier and above Wall Street estimates of $78.9 billion, according to FactSet data. Adjusted earnings came in at $1.87 per share, topping expectations of $1.76. Nvidia also issued stronger-than-expected guidance, forecasting about $91 billion in revenue for the current quarter.

On capital returns, Nvidia’s board approved an additional $80 billion in share buybacks and raised its quarterly dividend to 25 cents per share from 1 cent, reinforcing confidence in sustained cash generation.

Despite the strong results and shareholder-friendly actions, Nvidia shares fell around 1.5% in after-hours trading as investors focused more on the pace of future growth and rising competition in the AI chip sector.

Bitcoin mining stocks with exposure to AI and high-performance computing infrastructure responded positively. Core Scientific (CORZ) and Cipher Mining (CIFR) both edged higher in after-hours trading, as investors continued to view select miners as beneficiaries of expanding demand for data center capacity, power infrastructure, and AI computing workloads. IREN (IREN) initially rose before reversing slightly lower.

CEO Jensen Huang highlighted the scale of the ongoing shift, calling the rise of “AI factories” one of the largest infrastructure buildouts in history. He said “agentic AI” is already delivering real productivity gains and scaling rapidly across industries.

For Bitcoin miners pivoting toward AI and data center services, Nvidia’s results further validated that strategic direction. The company’s Data Center segment remains its core growth engine, fueled by strong spending from cloud providers, enterprises, and governments.

Hyperscalers accounted for more than half of Nvidia’s $75 billion Data Center revenue during the quarter, contributing roughly $38 billion and rising 12% quarter-over-quarter, according to CFO Colette Kress. The remaining $37 billion came from Nvidia’s ACIE segment, which includes AI cloud providers, enterprise customers, and industrial demand.

Kress added that AI cloud revenue has more than tripled year-over-year, supported by rapid expansion across more than 80 high-capacity data centers. She also noted continued strong demand for Nvidia systems and expects about $20 billion in CPU revenue this year.

Nvidia said its outlook excludes any Data Center revenue from China due to ongoing U.S. export restrictions on advanced AI chips.

Investors continue to use Nvidia’s results as a key barometer for global AI infrastructure demand. The latest earnings reinforce that spending remains robust and still ahead of expectations, supporting sentiment for data center operators and Bitcoin miners positioned at the intersection of AI and compute growth.