$19.6B in AI deals: Bitcoin miners AI infrastructure defies tech selloff
When the Nasdaq fell roughly 2% on Thursday, dragged down by Alphabet’s AI spending anxiety and Tesla’s disappointing earnings, something unusual happened in the corner of the market where bitcoin mining stocks trade. Instead of following the tech selloff — as they historically have — the miners moved in the opposite direction. The reason comes down to a simple but profound shift in how investors now see bitcoin miners’ AI infrastructure potential.
Key takeaways
- Sixteen of 20 mining and digital-infrastructure stocks tracked rose on Thursday while the Nasdaq Composite fell about 2%.
- Hut 8 gained 5.3%, Cipher Mining climbed 4.7%, and Riot Platforms advanced 3.7% on the same day.
- Hut 8 signed a second 15-year lease worth $9.8 billion for 352 megawatts of IT capacity at its Beacon Point campus in Texas, doubling total contracted capacity to 704 megawatts and lifting the base contract value to $19.6 billion.
- IREN secured $2.8 billion in new multiyear cloud-services contracts with AI developers, raising its year-end AI-cloud revenue target to over $4 billion from $3.7 billion.
- Morgan Stanley sees bitcoin mining sites with existing grid access becoming large-scale AI data center complexes, projecting the sector could eventually trade near $15 of enterprise value per watt versus current valuations of roughly $2 to $4 per watt.
Bitcoin Miners Outperform Amid Nasdaq Technology Selloff
The divergence on Thursday was hard to ignore. While Alphabet fell after investors fixated on its rising AI capital expenditure plans — despite strong cloud growth — and Tesla slumped following weaker-than-expected profit, a jump in oil prices toward $100 per barrel amplified inflation concerns and pushed Treasury yields higher. The Nasdaq was down 1.6% shortly after the open before deepening its loss to about 2%.
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