Hut 8 Plans Data Center Project Expected to Transform Operations
- Core Scientific gained attention for its hosting deals with CoreWeave in 2024.
- Hut 8 plans to lease data center space to an unnamed AI hyperscaler, positioning itself strongly against Core Scientific.
- Bitcoin miners are diversifying revenues post-Bitcoin halving, focusing on HPC verticals for AI applications.
- CORZ stock increased by approximately 300% after emerging from bankruptcy and relisting on Nasdaq.
- Hut 8's proposed data center in Louisiana received preliminary approval; final approval is pending.
- Analyst Mark Palmer noted Hut 8's potential for better economics compared to Core Scientific due to its partnership with a large AI hyperscaler.
- Hut 8 aims to raise $2.5 billion for the project, unlike Core Scientific, which faced capital challenges.
- Current trading prices: Hut 8 at ~$24.85 and CORZ at ~$14.20; year-to-date performance: Hut 8 +17%, CORZ -1%.
- Palmer sets a price target of $41 for Hut 8 stock as the data center project develops.