On July 8, the market witnessed an impressive rally in the shares of three major mining companies: TeraWulf (WULF), IREN, and Hut 8 (HUT). However, the driving force behind this growth was by no means Bitcoin. Investors are actively buying up the stocks of these firms, betting on their large-scale plans to develop infrastructure for artificial intelligence (AI).
As a result, all three companies were among the 16 most successful tech stocks of the day. This surge is driven less by hashrate or the BTC price and more by specific business moves toward AI.
TeraWulf's Deal with Anthropic: A New Benchmark for the Sector
TeraWulf shares surged more than 12.8% after signing a 20-year lease agreement with Anthropic. The deal involves building a 401-megawatt data center in Kentucky, with launch scheduled for early 2028. According to analyst estimates, TeraWulf's revenue from this contract could exceed $19 billion over the entire lease term. Following the announcement, Compass Point raised its price target for WULF from $28 to $40, reaffirming a "buy" rating.
TeraWulf CEO Paul Prager emphasized that this contract not only confirms the company's strategy to develop AI infrastructure but also guarantees stable income for years to come. Additionally, the company sold a stake in one of its Texas projects, freeing up funds for new infrastructure investments.
IREN and Hut 8: Same Wave, Same Trend
IREN shares rose 8.01% after Freedom Capital Markets upgraded the stock to "buy." The firm's analysts noted that after a recent correction, the shares have unlocked potential that the market has yet to fully price in. Nvidia's performance on July 8 also positively influenced the dynamics, setting the tone for the entire tech sector.
Hut 8 gained 9.69% in a single trading session after being added to several Russell indices for fast-growing and small-cap companies. Inclusion in the index signals that institutional investors have taken notice of the company's pivot toward AI. Over the past year, Hut 8 shares have risen 383%, reflecting strong market confidence in this transformation.
The same trend is evident across the sector. Currently, the valuation of mining companies is much more tied to news about developing AI capacity leasing than to Bitcoin price dynamics. In the second half of 2026, investors will be closely watching whether this approach holds if capital expenditures in the AI sector decline.
Expert opinion: The transformation of miners into AI infrastructure providers is not just hype but a logical evolutionary step. Companies with access to cheap energy and ready-made data centers gain a unique competitive advantage. However, the key risk is the cyclical nature of the AI boom: if capital spending by giants like Anthropic decreases, the shares of such companies could face a significant correction. For now, the market is voting for diversification.