Miners' AI Glow-Up Is Real — Wall Street Just Stopped Swiping Right 💔

Bitcoin miners' pivot into artificial intelligence and high-performance computing (HPC) is delivering larger and more lucrative contracts, but the stock-price pop that once greeted each new announcement has all but flatlined, according to new analysis from Blocksbridge Consulting published in TheEnergyMag's Miner Weekly. The review of 25 AI and HPC infrastructure deals announced between June 2024 and August 2026 found that the average announcement-day stock move fell from roughly 24% for the earliest deals to about 10% for the most recent ones, while median gains dropped by roughly half over the same period. Annualized revenue per contracted megawatt has edged higher over time, indicating that AI hosting agreements are becoming more valuable per unit of capacity.

The market's early enthusiasm for such deals was stark. Core Scientific's initial hosting agreement with CoreWeave sent its shares up more than 40%, 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. As AI hosting strategies move into the mainstream, investors appear to be placing greater emphasis on execution, financing and long-term profitability than on headline contract values alone.

The cooling reaction is also visible in the share prices of the miners themselves. 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, even as AI infrastructure demand remains strong. The index remains sharply higher over the past year, but its momentum has slowed in recent months. The pullback mirrors a broader retreat in AI infrastructure stocks, with the Philadelphia Semiconductor Index falling nearly 17% from its July peak, suggesting that the market has become more discerning about AI infrastructure bets across the board.