JPMorgan: Bitcoin mining companies shift to AI, stock prices decouple from Bitcoin trends

Jinse Finance reported that JPMorgan analysts pointed out that the market capitalization of recently listed Bitcoin mining companies has risen sharply since July, while the price of Bitcoin has remained volatile, indicating that mining company stock prices have decoupled from Bitcoin’s performance. The analysis states that mining companies are increasing their investment in artificial intelligence infrastructure to obtain more stable and higher-margin revenue, making their stock prices more driven by AI themes rather than Bitcoin prices. At the same time, due to the impact of Bitcoin halving and rising energy and hardware costs, mining companies are facing increased profitability pressures. Large mining companies can flexibly allocate computing power between Bitcoin and AI, while smaller mining companies are exploring other businesses such as Ethereum and Solana.