🔴 Cipher Mining is trading 5.4% down in pre-market as technology and AI-related stocks retreat

Cipher Mining is trading 5.4% down at $15.94 after broad pre-market pressure hit technology and AI-related stocks.

• Nasdaq Composite is down 1.52% and XLK is down 1.94%; higher oil prices, elevated Treasury yields and renewed Federal Reserve rate-hike concerns weigh on risk appetite.
• Bitcoin is up 1.02% over 24 hours and Ethereum is up 0.28%, so crypto weakness does not explain the decline.
• The recent 3.2-GW ERCOT approval remains constructive and does not appear to be a fresh negative catalyst.