Hut 8 Stock Soars on AI Pivot and Nvidia Leases

Hut 8 Corp.'s stock has surged by 7.82% amid growing optimism about its expanded Bitcoin mining capacity.

The company's Beacon Point AI data center campus in Texas is now fully commercialized, with long-term high-value leases locking in 704 MW of contracted capacity.

Hut 8 has signed a second 15-year lease for 352 MW and taken total contracted capacity there to 704 MW. The company has also locked in long-term leases with Nvidia for the entire 1-gigawatt Texas data center, with options potentially totaling up to $50B over 30 years.

Multiple firms, including Piper Sandler, Benchmark, Clear Street, Lucid Capital, Keefe Bruyette, and B. Riley, have raised HUT price targets while keeping bullish ratings.