AI Premium Era Ends: Bitcoin Miners' Stock Surge Fades
The era of 'AI Premium' in Bitcoin mining stocks appears to be coming to an end. A recent analysis by BlocksBridge Consulting found that even large-scale contracts for artificial intelligence infrastructure are no longer moving the market as they once did.
According to TheEnergyMag, a survey of 25 AI and HPC (High-Performance Computing) infrastructure-related contracts announced between June 2024 and August 4, 2026, revealed that the average absolute stock price movement on announcement day has shrunk from approximately 24% in the early period to roughly 10% recently.
The analysis pointed out that mega-deals no longer have a significant impact on stock prices. For example, TeraWulf's massive lease agreement for 401MW, valued at around $19 billion (¥3 trillion), resulted in a mere 4.9% gain. Similarly, CleanSpark's $6.6 billion (approximately ¥1 trillion), 175MW AI hosting contract announced an 8.8% gain, and Bitdeer's $4.7 billion (approximately ¥740 billion), 121MW deal initially rose as much as 12% but gave back nearly all its gains by the close.
The market's diminished response is attributed to a shift in investor evaluation criteria. Investors are now scrutinizing more fundamental factors, such as tenant creditworthiness, construction costs, and per-share profitability after dilution.