I just saw a quite interesting movement before the market open. MARA surged strongly, around 16%, after closing a deal with Starwood to convert mining facilities into AI data centers. They talk about delivering 1 gigawatt initially and scaling up to 2.5 gigawatts. It’s curious to see how miners are pivoting toward AI infrastructure to monetize their energy access.

Block also had a positive move of 20% before the open, although the reason was a bit different: they announced layoffs exceeding 40%, reducing to about 6,000 employees. Investors seem to see this as an efficiency move. For the first quarter, they projected operating revenues of $600 million versus the $574 million the market expected.

What surprised me was CoreWeave. Despite reporting revenues of $1.57 billion ( surpassing the $1.53 billion expected ), the stock fell 12%. The reason: their guidance for the first quarter was more conservative than what the market wanted, and they also significantly increased their capital expenditures. Earnings per share were -$0.89 versus -$0.68 expected, raising concerns about profitability.

TerraWulf is also down, 3.5%, although their executives insist that the real story is growth in high-performance computing revenues. They went from one site a year ago to five today, expecting around 2.9 gigawatts of gross capacity by year-end.

Meanwhile, Bitcoin remains relatively stable around $70,900. The overall movement reflects how the market is weighing the mining pivot toward AI against the profitability pressures these companies face.