Bitcoin miner IREN's shares rose 15.7% after the company increased its year-end AI cloud annualized run-rate revenue target to over $4 billion, securing $2.8 billion in new multi-year contracts with AI developers including Microsoft and Nvidia, and announcing significant capacity expansion plans.
Bitdeer mined significantly more Bitcoin in May 2026 (921 BTC) compared to May 2025 (196 BTC), but ended May 2026 holding substantially fewer coins (171 BTC) than a year prior (1,351 BTC). This highlights the company's pivot towards AI infrastructure, where AI revenue may offset the need to sell mined Bitcoin.
HIVE Digital Technologies stock rose over 7% following a three-year, $220 million contract with Bell Canada and AI firm Cohere. The deal, HIVE's largest to date, involves 2,304 NVIDIA GPUs for AI model training and inference, marking a significant pivot for the Bitcoin miner into AI infrastructure.
Bitcoin miner IREN has acquired Spanish data center developer Nostrum Group, adding 490 MW of power and a development pipeline in Spain. This move expands IREN's global power portfolio to 5 GW and supports its strategic pivot towards AI cloud services, seeking more predictable revenue streams.
SK Telecom and Nvidia partner to build a gigawatt-scale AI cloud and AI factory in South Korea by 2027, leveraging Nvidia's DSX platform for end-to-end AI operations.
Anthropic's $200B, 5-year deal with Google and similar AI startup-cloud provider agreements project a $2T revenue backlog for Amazon, Google, Microsoft, and Oracle by leveraging AI growth dependencies.
Meta is reassigning over 7,000 employees to new AI-focused teams, including AI cloud infrastructure and an internal AI agent codenamed Hatch. This move, coupled with upcoming layoffs and controversial employee data monitoring for AI training, is causing significant discontent and organizing efforts among staff.
Baidu's AI businesses, including AI cloud, applications, and marketing, became its primary revenue driver in Q1, with revenue surging 49% year-on-year to 13.6 billion yuan. AI cloud alone grew 79% to 8.8 billion yuan, signaling AI's core role in the company's strategy.
IREN Limited has closed a $3 billion convertible senior notes offering, raising $2.96 billion to fund its expansion into AI infrastructure. The capital will support recent major deals with Microsoft and Nvidia, marking a significant shift from its cryptocurrency mining roots.
Bernstein analysts see IREN’s AI cloud prospects growing substantially in the coming years—and its Bitcoin business disappearing entirely.
As Bitcoin miner IREN shifts toward AI cloud infrastructure, leveraging a Microsoft deal and GPU expansion, analysts expect mining revenue to decline over time.
