Bitcoin miners’ AI pivot loses Wall Street’s wow factor
Bitcoin miners’ move into AI and high-performance computing is changing their business models, but investors are reacting less strongly to new infrastructure deals than they did two years ago. A Blocksbridge Consulting review of 25 AI/HPC announcements found average stock gains on announcement day fell from about 24% in early deals to around 10% in later ones, while median gains also roughly halved. Even though annualized revenue per contracted megawatt has risen, indicating more lucrative contracts, markets now appear to care more about execution, financing, and long-term profitability than headline deal size. Early Core Scientific, Applied Digital, and TeraWulf announcements produced huge rallies, but more recent mega-deals generated only modest or temporary gains. This cooling enthusiasm is also visible in the TEM AI Infrastructure Growth Index, which has dropped about 28.5% from its June peak, alongside a broader pullback in AI infrastructure and semiconductor stocks.
