Hut 8, IREN deals lift AI-focused Bitcoin mining stocks
Bitcoin mining stocks surged after Hut 8 and IREN announced large AI infrastructure deals, boosting confidence in miners’ shift from Bitcoin mining to AI and high-performance computing. IREN, Cipher Digital, CleanSpark, Hut 8, and MARA each rose at least 11% in early trading. Hut 8 signed a 15-year, $9.8 billion lease for an AI data center campus, and IREN disclosed $2.8 billion in cloud contracts with AI developers. IREN now expects its AI cloud business to exceed $4 billion in annual recurring revenue by end-2026. The rally also lifted a broader AI infrastructure index, which rose 1.4% Monday and more than 12% over the past week. Gains came alongside a rebound in tech shares and semiconductor stocks. Investor enthusiasm is tempered by scrutiny: the AI pivot has driven a sharp re-rating, but insider stock sales and the large capital needed to build AI capacity are raising questions. The sector may need another $50 billion to fund its AI plans, with IREN facing the biggest gap.
