On July 8, the stock market saw a notable surge in the shares of major Bitcoin miners — TeraWulf (WULF), IREN, and Hut 8 (HUT). However, the driver of this growth was not the price of the first cryptocurrency, but the companies' ambitious plans to develop infrastructure for artificial intelligence (AI). Investors actively supported this new direction, and all three issuers were among the 16 most successful tech stocks of the day.
TeraWulf's deal with Anthropic sets the tone for the entire sector
TeraWulf shares soared 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 a stable cash flow for years to come. Additionally, TeraWulf sold its stake in one of its Texas projects, freeing up additional funds for investment in new facilities.
IREN and Hut 8 ride the wave
IREN shares rose 8.01% after Freedom Capital Markets upgraded the stock to "buy." Analysts noted that after a recent correction, the shares have unlocked potential that the market has yet to fully appreciate. An additional catalyst for the entire mining sector was Nvidia's presentation on July 8.
Hut 8 shares gained 9.69% in a single trading session after the company was added to several Russell indices for fast-growing and small-cap companies. Inclusion in the index is a clear signal that institutional investors have noticed Hut 8's pivot toward AI. Over the past year, the company's shares have risen by 383%.
Currently, the valuation of mining companies is much more closely tied to news about the development of AI capacity leasing than ever before — even more so than to Bitcoin price dynamics. In the second half of 2026, the key question for investors will be whether this trend persists if capital expenditures in the AI sector begin to decline.
Expert opinion: The reorientation of miners toward AI is not a temporary fad but a strategic necessity. After the halving and increased competition in mining itself, diversification into high-margin AI services becomes the only way to ensure sustainable growth. However, if the AI investment bubble bursts, these companies could find themselves in a vulnerable position, holding costly infrastructure on their balance sheets without guaranteed demand.