AI Infrastructure Deals Lose Their Spark for Bitcoin Mining Stocks

Bitcoin miners’ pivot into artificial intelligence and high-performance computing (HPC) is reshaping their business models, but investors are no longer rewarding new infrastructure deals with the same enthusiasm they once did, suggesting the market has become more discerning as AI hosting strategies move into the mainstream.

According to new analysis by Blocksbridge Consulting published in TheEnergyMag’s Miner Weekly, the market reaction to AI infrastructure announcements has weakened significantly over the past two years. Reviewing 25 AI and HPC infrastructure deals announced between June 2024 and August 2026, the report found that the average announcement-day stock move fell from roughly 24% for the earliest deals to about 10% for the most recent ones. Median gains also dropped by roughly half over the same period, even as the size and value of the contracts increased.

The report found that annualized revenue per contracted megawatt has edged higher over time, indicating that AI hosting agreements are becoming more lucrative. However, as such deals become increasingly common, investors appear to be placing greater emphasis on execution, financing and long-term profitability than on headline contract values alone.

AI infrastructure deals are becoming more valuable, but less market-moving. Source: TheEnergyMag

That shift is evident in how the market has 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% and TeraWulf’s first Fluidstack deal surged almost 60%.

More recent mega-deals have drawn a much more muted response. TeraWulf’s 401-megawatt lease with Anthropic lifted its shares by about 5%, CleanSpark’s $6.6 billion AI hosting agreement gained nearly 9%, and Bitdeer’s new Tydal contract briefly pushed the stock up roughly 12% before those gains disappeared by the market close.

Related: Crypto Biz: Is the AI-to-crypto rotation underway?

Bitcoin mining stocks reflect cooling AI enthusiasm

The performance of Bitcoin mining stocks that have embraced AI and high-performance computing workloads also reflects the market’s cooling enthusiasm. 

TheEnergyMag’s 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, suggesting investors have become more cautious even as AI infrastructure demand remains strong.

While the TEM AI Infrastructure Growth Index remains sharply higher over the past year, its momentum has slowed in recent months. Source: TheEnergyMag

The slowdown mirrors a broader pullback in AI infrastructure stocks, with the Philadelphia Semiconductor Index falling nearly 17% from its July peak.

Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards