Cipher slides 16% on wider Q2 losses as Bernstein sees upside from Texas power audit

60-second summary

Cipher is sliding 16% after posting a wider Q2 net loss of $267.5 million, more than five times the loss it registered a year ago. This significant financial setback comes as the company continues to shift focus from bitcoin mining to high-performance computing. Market implications are uncertain as investors reassess Cipher's growth prospects amidst increasing competition in the HPC space.