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From Bitcoin Mining to AI: How Tech Giants are Adapting in a Rapidly Changing Landscape

Market Movers: The Opening Bell

October 3, 2025

Video Transcript

OpenAI's sending $500 billion valuation and new chipmaker partnerships help push US stocks to another record close.

The latest deals seeing Samsung and SK Hein join open AI Stargate AI project.

Now this lifted semiconductor stocks even as investors brushed off government shutdown concerns likely to drag into next week.

Joining me live here at the New York Stock Exchange is Stephen Dickens, CEO and principal. for hyper frame research.

Stephen, happy Friday.

Welcome.

Thank you very much for having me on.

Well, here we are.

We are looking at day 3 of a government shutdown, but US stock averages continue to hit new record highs and of course all eyes on tech.

So do you think tech is running ahead of fundamentals?

No, so I think we're, I keep saying this phrase, we're at the first innings of a seven game World Series.

We're a couple of years into the AI.

Sort of explosion, but we're looking at this as a mega trend.

This is where we were with the internet in the early 2000s.

This is where we were with mobile in 2007, where we've been with cloud over the last 20 years.

It's one of those big mega trends.

We're seeing huge numbers from the hyper scalers around CapE investment and obviously that's dragging Nvidia and SK Heinix and a bunch of others kind of threw along for the ride.

But we don't see that stopping.

We see strong fundamentals and what's different, a lot of people are making parallels around what was happening for the internet and Cisco.

I think what's different now is when we looked back at what was going on in the internet era, it was.

Build it was pipe before demand.

What we're seeing now is actual demand.

Every GPU that the hyper scales or some of the neo cloud providers, and I'll talk about that in a little while.

Anything that they can get their hands on is already being consumed.

And Stephen, when we look at some of the AI darling names of this trade, we are looking at valuation as well.

So given the many plethora of announcements and deals that have been coming through this week, how do you approach valuation?

So I think from my point of view I look at the tech fundamentals as a technology analyst.

I let the equities guys focus on multiples.

I'm just looking at some of those technology underpinnings.

I'm saying I'm looking at saying where are we from a demand on GPU that obviously drags through a lot.

We're also seeing that kind of pull through some of those second tier from a valuation point of view names the Lenovos, the HPEs, the Dells.

When I speak to their leaders and the people who are shipping these boxes, the fastest selling servers in their range are the ones with the Nvidia GPUs.

We're seeing AMD make a number of announcements.

They made an announcement with IBM this week.

We're seeing IBM stock rip, so it's not just those Mag 7 plus Broadcom.

I'm trying to get the mag 8 to trend, but it's not just the mag 8, it's also some of those more storied names.

I was with Chuck Robbins from Cisco a few.

A few weeks back he's seen that explode through his business as well.

So it's not just the mega caps, it's also some of those storied names in tech as well.

Yeah, so break this down for us when we're talking about the other storied names in tech that you're referring to.

What's going on with that?

So I think where we're are now is we're moving.

There was a recent MIT study that 95% of AI projects are failing.

We're still in the early experimentation phase.

We're starting to see that huge build out.

What people are starting to do, I was with the team at Logic Monitor, 300 million ARR private company this week.

I was with their leadership team in Atlanta, starting to see them deploy AI into their solutions, and they had some customers talk to us.

Bose was one of those customers about how they're starting to deploy.

We're still early and that is starting to come through.

So I think when I had a look at kind of where This place behind us is looking at the future 12 to 18 months and trying to price that in from a valuation point of view.

I just see robust demand.

Yeah, and I do want to ask you about AI infrastructure investment, and since we are here on FinTech TV, I do want to ask you about Bitcoin mining as well.

What's going on there?

So I was with the team at Humulus AI, Mike Man Maniscalco, easy for me to say.

Mike's just been announced as their CEO.

He's come from Applied Digital.

So really spent some time with their leadership team last week.

Really fascinating to understand what's going on with that transition from the Bitcoin mining guys over into leveraging that huge set of experience that they've got the GPU farms that they've got already, that power and cooling expertise and running data centers at scale and leveraging that into AI.

I think where the cumulus AI is going to succeed and where I think there's a model for some of the other people looking to make that transition.

Hyperspeed and modular.

If you can get this service into the hands of these enterprise customers who are moving out of an experimentation phase into a production, that's going to be huge for these guys.

So I think Bitcoin mining is going to be fascinating to see some of those kind of transitions and blending as they look at Bitcoin, which is obviously still ripping.

And mixing that with AI workloads.

And finally, before I let you go, I do want to very quickly get your take on what we're seeing with Open AI as well as Oracle's new leadership.

So in 60 seconds, give us your take.

So Super bullish on Oracle, I'm out with those guys in a couple of weeks.

Expecting a huge raft of announcements.

The hyperscale cloud is growing faster than their industry peers, super bullish on what they're doing, and I think we can expect to see more from them as they double down on their lock on data to provide that as a basis for AI.

OK, Stephen, always great having you here.

Thank you so much for joining me and thank you so much for sharing all of your perspectives.

Fantastic.

Thank you.

“The fastest selling servers in their range are the ones with the Nvidia GPU’s.” – 02:47

Steven Dickens, CEO & Principal Analyst at Hyperframe Research, joins Remy Blaire at the New York Stock Exchange to discuss the current state of the U.S. stock market, particularly in the tech sector, amidst ongoing government shutdown concerns.

Remy opens the segment by highlighting OpenAI’s remarkable $500 billion valuation and its recent partnerships with chipmakers Samsung and SK Hynix, which have positively impacted semiconductor stocks. Despite the government shutdown entering its third day, U.S. stock averages continue to reach new record highs, with a keen focus on the technology sector. Remy asks Stephen whether he believes tech is running ahead of its fundamentals.

Steven responds by likening the current AI boom to previous technological revolutions, such as the internet and mobile eras. He emphasizes that the market is still in the early stages of the AI explosion, with strong demand for GPUs from hyperscalers and cloud providers. He asserts that this demand is driving the market forward and is fundamentally different from the hype seen during the internet era.

The discussion then shifts to the topic of valuation in the tech sector. Remy inquires about how Steven approaches valuation given the numerous announcements and deals emerging in the AI space. Steven explains that he focuses on technology fundamentals rather than equity multiples, noting that companies like Lenovo, HPE, and Dell are experiencing robust sales of servers equipped with NVIDIA GPUs. He also mentions AMD’s recent announcements and their positive impact on IBM’s stock, indicating that the momentum extends beyond just the mega-cap tech companies.

As the conversation progresses, Steven addresses the challenges facing AI projects, referencing a recent MIT study that found 95% of AI initiatives are failing. He explains that many organizations are still in the experimentation phase, but there is a growing trend of successful deployments, particularly in companies like Logic Monitor, which is integrating AI into their solutions.

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