Bitcoin mining stocks climbed over 5% as firms repurpose energy infrastructure for AI and high-performance computing demand.
Bitcoin mining stocks rallied Tuesday, with TeraWulf (WULF) jumping 17% after announcing a Kentucky data center acquisition. Hut 8 (HUT), IREN (IREN), and Riot Platforms (RIOT) gained over 5% as investors bet on miners diversifying into AI infrastructure.
The gains align with a broader equity surge, as the S&P 500 hit record highs above 7,500, led by semiconductor and tech stocks. The Philadelphia Semiconductor Index rose 5.6% on the day, extending its year-to-date gain to nearly 77%.
Investors are increasingly optimistic about miners leveraging their power capacity for AI and high-performance computing, seen as more stable revenue streams than crypto mining alone.