Riot Platforms (RIOT) shares climbed on Monday following a major AI infrastructure deal from competitor Hut 8.
Hut 8 secured a second lease for its Texas campus. The new agreement spans 15 years. The deal covers the 1-gigawatt Beacon Point facility. This contract is valued at $9.8 billion. Total contract value for the site now reaches $19.6 billion.
The news triggered a rally among bitcoin miners pivoting toward the AI infrastructure market. Hut 8 shares jumped over 10% following the announcement. Marathon Digital (MARA) stock rose 8%. Riot Platforms shares gained 4%.
Investors are signaling confidence in crypto miners leveraging power capacity for AI operations.