Shares of bitcoin miners turned AI infrastructure providers rose on Monday after Hut 8 ( HUT ) and IREN ( IREN ) announced billions of dollars in new contracts, easing concerns that demand for AI computing capacity may be waning.
Hut 8 rose as much as 17% after signing a 15-year, $9.8 billion lease for the second phase of its Beacon Point AI data center campus in Texas. The deal, with the same investment-grade customer that leased the first phase, doubles the tenant’s footprint to 704 megawatts (MW) and fully commercializes the site’s 1 gigawatt of power capacity.
IREN gained as much as 19% after announcing $2.8 billion in new multi-year cloud service contracts with AI developers. The company raised its year-end AI Cloud annual revenue target to more than $4 billion, and said about 85% of that revenue is now under contract.
The news rubbed off on colleagues across the high-performance computing sector. Mining (CIFR) rose 11% and TeraWulf (WULF) rose 6.4%. Bitcoin miners Riot Platforms (RIOT) and MARA Holdings (MARA) rose 5% and 9%, respectively. CoinShares Bitcoin Miners ETF (WGMI) rose 8.5 percent.
