Bitcoin miners expanding into artificial intelligence and high-performance computing infrastructure have seen diminished investor enthusiasm, according to analysis by Blocksbridge Consulting. Stock market reactions to AI hosting deals have weakened since 2024, with average gains on announcement days falling from 24% to 10% as contract values and revenue per megawatt rose.
Core Scientific’s initial deal with CoreWeave drove a 40% stock surge, while TeraWulf’s first agreement with Fluidstack triggered a 60% increase. However, subsequent deals, including TeraWulf’s 401-megawatt lease with Anthropic, generated only a 5% gain. CleanSpark’s $6.6 billion AI hosting agreement resulted in a 9% stock rise, and Bitdeer’s Tydal contract briefly lifted its shares by 12%.
TheEnergyMag’s TEM AI Infrastructure Growth Index has fallen 28.5% from its June 2024 peak, reflecting broader market caution. The Philadelphia Semiconductor Index has also declined 17% from its July high, suggesting a sector-wide slowdown. Blocksbridge noted that while AI infrastructure deals have grown in scale and revenue potential, their impact on stock prices has diminished significantly.
Analysts attribute the cooling response to increased competition and higher entry barriers in the AI hosting sector. Companies such as Applied Digital and TeraWulf have continued to secure deals, but market gains have not matched earlier enthusiasm. TheEnergyMag observed that “AI infrastructure deals are becoming more valuable, but less market-moving,” highlighting a shift in investor priorities.
The decline in stock volatility contrasts with the rapid expansion of AI infrastructure projects, which now account for a growing share of Bitcoin miners’ revenue. Despite this, Blocksbridge’s data indicates that investors are prioritising stability over speculative growth, a trend likely to influence future deal valuations and corporate strategies.
Written by Oliver Grant
Markets Desk
