The investment will deploy 2,304 Nvidia processors for AI computing, adding $70 million in annual recurring revenue for HIVE.
HIVE Digital Technologies Ltd. ($HIVE) announced a $220 million investment from Bell Canada ($BCE) and AI firm Cohere, driving its stock up 12%. The three-year agreement involves deploying 2,304 Nvidia ($NVDA) processors at Bell’s AI facility in British Columbia to support Cohere’s enterprise AI models.
The deal is expected to generate $70 million in annual recurring revenue, pushing HIVE’s contracted high-performance computing revenue above $100 million. The project aligns with Canada’s push to reduce reliance on foreign AI infrastructure and is set to launch by early 2027.
HIVE’s stock has surged 125% over the past 12 months, trading at $3.97 per share prior to the announcement. The company’s shift from Bitcoin mining to AI-focused data center operations appears to be gaining traction.