Hive Digital Technologies shares jumped to $3.92 after announcing a 320-MW AI facility in Canada, marking its shift from Bitcoin mining.
Hive Digital Technologies’ stock rose 26% to $3.39 on Monday, reaching a year-high of $3.92, after unveiling plans for a 320-megawatt AI data center in Ontario. The facility, dubbed an ‘AI Gigafactory,’ aims to support vertically integrated AI supercomputers and bolster Canada’s tech infrastructure.
The company, which began pivoting from Bitcoin mining in 2022, said the project will be one of Canada’s largest AI facilities, with capacity to power 200,000 homes. Hive’s subsidiary, Buzz High Performance Computing, is leading the buildout, positioning the firm as a key player in sovereign AI infrastructure.
Shares surged pre-market, extending year-to-date gains to over 35%, reflecting investor optimism about Hive’s strategic shift toward high-performance computing and AI.