TeraWulf, IREN, and Hut 8 gained 13% in a single day on AI infrastructure pivot momentum and capacity contracts.
Shares of Bitcoin miners TeraWulf (WULF), IREN, and Hut 8 (HUT) surged on July 8, propelled not by Bitcoin price movements but by investor enthusiasm for their expanding exposure to artificial intelligence infrastructure. All three stocks ranked among the day's strongest technology sector performers, reflecting a broader market revaluation of mining companies. Rather than being valued solely as Bitcoin producers, these firms are increasingly viewed as suppliers of power and data center capacity for AI workloads.
TeraWulf led the rally with a gain of more than 12.8%, following announcement of a 20-year lease agreement for a Kentucky data center project with Anthropic-linked AI infrastructure demand. The facility will support 401 megawatts of power capacity and is scheduled to begin operations in early 2028. Analysts project the contract will generate more than $19 billion in revenue over its full term. Compass Point responded by raising its price target from $28 to $40 while maintaining a "buy" rating.
CEO Paul Prager stated that the agreement supports the company's expansion into AI infrastructure and provides a long-term revenue stream—a development investors viewed favorably. The company also sold a stake in one of its Texas projects, freeing up capital for additional infrastructure investments.
IREN shares climbed 8.01% after Freedom Capital Markets upgraded the stock to "buy," citing an attractive entry point following recent weakness and what the firm's analysts characterized as underappreciated AI infrastructure potential. Hut 8 shares advanced 9.69% in a single session after being added to several Russell growth and small-cap indexes, drawing increased investor attention to its expanding AI infrastructure initiatives. Over the past year, Hut 8 shares have gained 383%, underscoring the market's enthusiasm for miners repositioning beyond Bitcoin production.
Nvidia's July 8 keynote also boosted sentiment toward Bitcoin miners with AI and data center exposure. This reflects a fundamental market revaluation: mining company valuations are now increasingly tied to AI data center capacity, power access, and long-term infrastructure contracts rather than Bitcoin price action alone. Investors no longer assess these firms primarily through hash rate, mining margins, or BTC production, but as potential beneficiaries of the AI infrastructure boom with access to large-scale power and data center sites.
The sustainability of this momentum into the second half of 2026 remains the key question. If AI capital spending slows, investors may become more selective. For now, however, the market is clearly rewarding miners that can convert energy assets into durable AI infrastructure revenue.