Bitcoin miners' pivot toward artificial intelligence and high-performance computing (HPC) is transforming their business models, but investors are no longer rewarding new infrastructure deals with the same enthusiasm as before, suggesting the market has become more selective as AI hosting strategies go mainstream.
According to a new analysis by Blocksbridge Consulting published in TheEnergyMag's Miner Weekly, the market reaction to AI infrastructure announcements has weakened significantly over the past two years. Examining 25 AI and HPC infrastructure deals announced from June 2024 to August 2026, the report showed that the average stock movement on the announcement day fell from roughly 24% for the earliest deals to about 10% for the most recent ones. The median gain also roughly halved over the same period, even as the size and value of contracts increased.
The report notes that annual revenue per contracted megawatt has grown slightly over time, indicating that AI hosting agreements are becoming more profitable. However, as such deals become more commonplace, investors seem to be placing greater importance on execution, financing, and long-term profitability rather than just the headline contract figures.
AI infrastructure deals are becoming more valuable but moving the market less. Source: TheEnergyMag
This shift is visible in the market reaction to major announcements. Core Scientific's initial hosting agreement with CoreWeave lifted the company's stock more than 40%, while Applied Digital's first lease deal with CoreWeave added nearly 49%, and TeraWulf's first deal with Fluidstack surged nearly 60%.
More recent megadeals have prompted a much more subdued response. TeraWulf's 401-megawatt lease with Anthropic raised its stock about 5%, CleanSpark's $6.6 billion AI hosting agreement added nearly 9%, and Bitdeer's new contract with Tydal briefly boosted the stock about 12% before those gains disappeared by the market close.
Related: Crypto Biz: Is rotation from AI to crypto happening?
Bitcoin Miner Stocks Reflect Cooling AI Enthusiasm
The performance of Bitcoin miner stocks that have taken on AI and high-performance computing workloads also reflects waning market enthusiasm.
TheEnergyMag's TEM AI Infrastructure Growth Index, which tracks public companies developing business in AI data centers and digital infrastructure, is approximately 28.5% below its June peak, suggesting investors have grown more cautious even though demand for AI infrastructure remains high.
While the TEM AI Infrastructure Growth Index remains significantly higher than a year ago, its momentum has weakened in recent months. Source: TheEnergyMag
The slowdown reflects a broader pullback in AI infrastructure stocks: the Philadelphia Semiconductor Index has fallen nearly 17% from its July peak.
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