Barclays Identifies Top Neoclouds & Bitcoin Miner Stocks Amid Hyperscaler Spending Boom

Barclays has identified top companies in the neoclouds and Bitcoin mining sector poised to benefit from hyperscalers' increased spending on digital infrastructure. The investment bank compiled a list of over 400 'pick and shovel' companies essential to this expansion, including those offering high-performance hardware and cloud capacity for AI workloads.

The rankings reflect Barclays' assessment of companies positioned to support the growing requirements of AI workloads and hyperscale computing operations. Companies such as IREN and Applied Digital have seen significant partnerships and developments, with IREN securing a $9.7 billion partnership with Microsoft and Applied Digital announcing a 15-year lease with a U.S.-based hyperscaler.

Other companies on the list include Terawulf, which has undergone a strategic transition toward high-performance computing hosting, and Riot Platforms, operating 1.86 gigawatts of power capacity and shifting toward AI data center development.