Nvidia Earnings Spark AI Rally Across Tech and Crypto Markets

Its results boosted AI-linked stocks and helped pull Bitcoin and major mining firms higher, even as analysts warned of mounting financial pressures for miners expanding into AI infrastructure. At the same time, crypto exchange Bullish reported its best quarter since going public, swinging to profitability and posting sharp revenue growth, though its stock continues to slide.

Nvidia Beats Forecasts and Markets Jump

Nvidia once again delivered a standout performance in the third quarter, easily surpassing Wall Street expectations. The company reported $57.01 billion in revenue, beating the consensus estimate of $55.2 billion, while earnings per share rose to $1.30. This is well above both the projected $1.26 and the $0.81 that was recorded a year earlier. Much of this strength came from Nvidia’s data center division, which quickly became the backbone of global AI growth and generated $51.2 billion in revenue for the quarter.

The company’s impressive growth over the quarter also boosted investor confidence. Nvidia now expects fourth-quarter revenue to reach $65 billion, plus or minus 2%, which is much higher than Wall Street’s expectation of $62 billion.

Nvidia CEO Jensen Huang

CEO Jensen Huang said the company is experiencing unprecedented demand for its AI computing platforms, and described Blackwell chip sales as “off the chart.” He also revealed that cloud GPUs are effectively sold out. CFO Colette Kress added that Nvidia’s new Blackwell Ultra lineup has already become the company’s leading architecture.

After the earnings release, Nvidia’s stock jumped more than 5%, which also lifted a range of AI-linked tech names including AMD, Micron, Amazon, Google, Meta and Microsoft. Nvidia shares are now up more than 34% year-to-date, while AMD has gained an impressive 82%. 

Nvidia YTD share price (Source: Google Finance)

The upbeat print provided a stabilizing effect on the broader market after a very volatile trading session. Some major investors have nevertheless taken profits, with Peter Thiel’s hedge fund unloading close to $100 million worth of shares and SoftBank selling its entire $5.8 billion stake to help fund its own AI efforts.

The strong results spilled over into digital asset markets as well. After dipping below $89,000 earlier in the day, Bitcoin rebounded to around $92,000 shortly after Nvidia released its numbers. Bitcoin mining stocks — many of which now straddle both the crypto and AI sectors due to their large-scale data center operations — saw even sharper moves. 

Cipher Mining surged by close to 13% in after-hours trading, followed by IREN with a 10% jump. Bitfarms, TeraWulf, CleanSpark and Marathon Digital also traded higher. This momentum comes as miners are pivoting into AI hosting and high-performance computing. IREN recently secured a $9.7 billion AI cloud agreement with Microsoft, while Cipher Mining signed a $5.5 billion deal with Amazon Web Services.

Still, analysts warn that not all challenges have disappeared. VanEck’s Matthew Sigel pointed out that miners face growing financial strain as they invest heavily in AI infrastructure, with debt-financed GPU purchases becoming more common. He said that falling Bitcoin prices and rising borrowing costs could pressure margins. 

Bullish Turns Profit but Stock Slides

Bullish, the institutionally focused crypto exchange and parent company of CoinDesk, also reported its strongest quarterly performance since going public, driven by accelerating institutional demand across its US spot market and a growing options desk that surpassed $1 billion in trading volume. 

Press release from Bullish

The company posted $18.5 million in net income, which is a sharp turnaround from the $67.3 million loss that was recorded a year earlier. Adjusted revenue rose 72% year-over-year to $76.5 million, while adjusted EBITDA climbed to $28.6 million from $7.7 million. Adjusted net income also turned positive at $13.8 million, though adjusted transaction revenue slipped to $26.7 million from $32.9 million as overall trading activity eased.

Despite the strong financials, Bullish’s stock continued to struggle. Shares fell more than 6% in early Wednesday trading and are still down nearly 40% over the past month. After debuting on the NYSE in August and initially surging as much as 218% from its $37 IPO price to an intraday high of $188, the stock has since retraced most of those gains.

Bullish stock price over the past month (Source: Google Finance)

The company’s performance comes during a pivotal year for publicly listed crypto firms. Under a more supportive US regulatory environment and with new stablecoin rules introduced under the GENIUS Act, 2025  brought a wave of digital asset companies to public markets—many with explosive debuts. 

Stablecoin issuer Circle went public in June and soared 167% on day one but now trades around $71 after peaking at $82. Figure’s September Nasdaq debut saw the stock jump almost 25% before later settling near $38. Meanwhile, Gemini Space Station opened above expectations but has since dropped to around $11.60 after an early rally.