Bitcoin Miners' AI Pivot Loses Its Luster on Wall Street

Bitcoin miners' pivot to AI and high-performance computing is no longer impressing investors on Wall Street. According to analysis by Blocksbridge Consulting, the market reaction to AI infrastructure announcements has weakened significantly over the past two years. The report reviewed 25 deals announced between June 2024 and August 2026 and found that the average announcement-day stock move fell from roughly 24% for the earliest deals to about 10% for the most recent ones.

The median gains also dropped by roughly half over the same period, even as the size and value of the contracts increased. However, annualized revenue per contracted megawatt has edged higher over time, indicating that AI hosting agreements are becoming more lucrative.

The market's cooling enthusiasm for AI infrastructure is evident in how it responded to major announcements. Core Scientific's initial hosting agreement with CoreWeave sent its shares up more than 40%, while Applied Digital's first CoreWeave lease gained nearly 49%. More recent mega-deals have drawn a much more muted response, with TeraWulf's 401-megawatt lease with Anthropic lifting its shares by about 5%.

The performance of Bitcoin mining stocks that have embraced AI and high-performance computing workloads also reflects the market's cooling enthusiasm. The TEM AI Infrastructure Growth Index, which tracks publicly traded companies developing AI data center and digital infrastructure businesses, is down roughly 28.5% from its June peak.