TeraWulf ( WULF ) surged 13% early Tuesday as the company unveiled plans for a new large-scale AI and high-performance computing (HPC) campus in Kentucky.
The company said it acquired a hyperscale development site capable of supporting more than 1 gigawatt of AI and HPC infrastructure over time. The so-called Muskie Data Campus is expected to deliver an initial 500 megawatts from the second half of 2028, with a further 500 megawatts targeted in 2030.
The firm said the Kentucky project underscores how access to electricity and transmission infrastructure has become one of the key battlegrounds of the AI boom.
“The defining constraint in this market is no longer computer hardware,” Prager said. “It’s power, transmission infrastructure and security of execution.”
The rally also tracked the broader strength in AI-linked stocks, including bitcoin miners that have increasingly repositioned themselves as data center and AI infrastructure operators. The sector has become one of the hottest corners of crypto-linked stocks over the past year, as investors bet that AI models’ massive power needs could create a more lucrative long-term business line beyond mining tokens.
Hut 8 (HUT) rose 7%, while Keel Infrastructure (KEEL), formerly known as Bitfarms, rose 6.5%. IREN (IREN) rose nearly 5% and Cipher Mining (CIFR) rose 5.5%.
Memory chipmaker Micron ( MU ) jumped 15% to new highs above $870 as global investment bank UBS raised its target to $1,625, citing strong AI demand for memory, while Advanced Micro Devices ( AMD ) rose 5% and also hit new highs.
