Cryptocurrency-linked stocks sank on Monday after a Chinese AI model shook investors, sparking a retreat from risky assets and pummeling shares of companies that were set to benefit from demand for AI data centers.
Shares of the crypto-mining firm Core Scientific fell around 30%, while fellow mining companies like Hut 8, Riot Platforms and Cipher Mining also saw their stocks plunge. Other crypto favorite such as Coinbase Global and MARA Holdings had double-digit declines before recovering somewhat.
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