Nvidia's (NASDAQ: NVDA) reported record fourth-quarter revenue of $68.1 billion for the period ended Jan. 25, 2026, up 73% year over year and 20% sequentially.
Full-year fiscal 2026 revenue climbed 65% to $215.9 billion, while GAAP gross margins hit 75% in the quarter.
"Computing demand is growing exponentially — the agentic AI inflection point has arrived," said Nvidia founder and CEO Jensen Huang, calling its AI data center platform Grace Blackwell " the king of inference" and pointing to even lower cost per token with the upcoming Vera Rubin platform.
Yet while AI investors cheered, the blockbuster earnings failed to lift crypto mining stocks.
Related: Nvidia rescues Bitcoin after blockbuster earnings
Why Nvidia earnings move crypto miners
Crypto miners tend to move with, or sometimes against, Nvidia . This is because AI and Bitcoin mining run on the same raw ingredients.
High-performance chips, enormous amounts of electricity, and warehouse-sized data centers.
So when Nvidia posts monster earnings and talks about "exponential" computing demand, that's not just an AI story. It's a power-and-hardware story.
Strong results and bullish guidance signal that hyperscalers are scrambling for GPUs and locking in energy capacity. That can mean tighter chip supply and fiercer competition for electricity, neither of which is great news for Bitcoin miners trying to protect their margins.
During the earnings call, CEO Jensen Huang rightly pointed out that "compute equals revenues."
AI factories are scaling fast, and the biggest tech companies are racing to secure as much capacity as they can. Nvidia just returned $41.1 billion to shareholders in fiscal 2026 and still has $58.5 billion authorized for buybacks.
This is a reminder of how much cash this AI cycle is throwing off.
Meanwhile, many Bitcoin miners are also expanding their business strategy to include AI or making a complete pivot to AI. Their biggest concern is that the returns of mining activities are no longer sustainable .
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Mining stocks flash red despite Nvidia's record quarter
At press time on Feb. 26, as per SoSo Value , several publicly traded crypto mining companies were down:
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Iren (NASDAQ: IREN): Bitcoin miner and AI-cloud firm focused on renewable-powered data centers. Shares traded at $44.26, up 0.52%.
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TeraWulf (NASDAQ: WULF): A Bitcoin miner emphasizing zero-carbon energy infrastructure. In August 2025, it partnered with Google to integrate advanced analytics and energy-efficient computing into its mining operations. Shares fell 1.78% to $17.60.
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Cipher Mining (NASDAQ: CIFR): A large-scale Bitcoin miner operating data centers in Texas. Shares dropped 4.94% to $15.79.
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MARA Holdings (NASDAQ: MARA): One of the largest publicly traded Bitcoin miners by hash rate. Its shares were down 2.04% to $8.39.
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Bitmine Immersion (NASDAQ: BMNR): A blockchain technology company and an Ethereum (ETH) treasury that operates digital asset mining, equipment sales, and hosting. It was down 2.95% to trade at $2.865.
Meanwhile, Bitcoin (BTC) was trading at $67,064.21
This story was originally published by TheStreet on Feb 26, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
