Loeb's Third Point Bets on Bitcoin Miners' Shift to AI Infrastructure
Billionaire activist Dan Loeb's Third Point LLC has invested in a basket of four stocks that gives it exposure to bitcoin miners shifting towards AI infrastructure. The move reflects a broader trend in the industry, where bitcoin miners are converting their power-intensive data centers into computing capacity for AI companies.
According to its 13F filing, Third Point increased its stake in Hut 8 Corp. (NASDAQ:HUT) by 51%, bringing the value of its holding to $151.8 million. Hut 8 posted second-quarter revenue of $74.9 million, up 81% year-over-year, though it missed the $80.9 million consensus estimate.
Third Point also opened smaller positions in Riot Platforms Inc. (NASDAQ:RIOT), Core Scientific Inc. (NASDAQ:CORZ) and Applied Digital Corp. (NASDAQ:APLD). These companies are all involved in the transition to AI data centers, with notable revenue growth numbers to show for it.
Riot Platforms reported second-quarter revenue of $174.2 million on Aug. 10, beating analyst estimates by 14.6%. Core Scientific posted 109% revenue growth to $164.2 million in the second quarter, aided by an Advanced Micro Devices (NASDAQ:AMD) infrastructure partnership potentially worth $14 billion.