HIVE Stock Surges Amid Crypto Rally and AI Contract
Shares of HIVE Digital Technologies (Nasdaq: HIVE) rose nearly 14% on September 3, reaching $3.10 per share amid a broader crypto market rally that saw Bitcoin trade near $81,000. As a Bitcoin miner and data center operator using clean energy in Canada, Sweden, and Paraguay, HIVE's stock often moves with cryptocurrency prices due to its direct revenue exposure. In addition to the sector-wide momentum, HIVE announced on August 17 that its subsidiary BUZZ HPC secured a $350 million AI cloud services agreement over five years. The deal involves deploying NVIDIA Blackwell Ultra GPUs at an energy-efficient facility in British Columbia and is expected to add about $70 million annually in revenue. Analysts remain optimistic, with four maintaining Buy ratings post-announcement. Canaccord Genuity set the highest price target of $10 per share, implying over 200% upside from recent levels.
Topics: AI cloud services agreement Bitcoin HIVE NVIDIA GPUs