Bitcoin Mining Stocks Rally as AI Infrastructure Expands
BITmarkets Team
May 27, 2026
Alongside TeraWulf (WULF), which surged as much as 17% following news of a new data center acquisition site in Kentucky, shares of Hut 8 (HUT), IREN and Riot Platforms (RIOT) all closed more than 5% higher. The performance highlights increasing investor interest in mining companies that are repurposing energy resources and data center infrastructure to support AI and HPC operations — sectors viewed by some as offering more stable and diversified revenue opportunities compared to crypto mining alone.
The rally coincided with the S&P 500 reaching new record highs above 7,500, supported largely by strong gains in technology and semiconductor stocks. Meanwhile, the Philadelphia Semiconductor Index, which tracks major US semiconductor firms, jumped 5.6% on Tuesday and has risen nearly 77% since the beginning of the year.
AI infrastructure becomes a growing opportunity for Bitcoin miners
The semiconductor sector’s momentum has also strengthened market confidence in Bitcoin miners expanding into AI infrastructure, given their access to large-scale electricity capacity and data centers required for high-performance computing.
Recent research from Bernstein Research found that 11 publicly traded Bitcoin miners collectively control an existing and projected power portfolio of around 27 gigawatts. Analysts argue this could become increasingly valuable as demand for AI data centers accelerates.
The report suggested that access to reliable electricity — rather than semiconductor supply alone — is emerging as one of the biggest constraints for scaling AI infrastructure globally. This dynamic may position Bitcoin miners as strategic partners for hyperscalers and AI firms seeking operational infrastructure and ready-to-use energy capacity.
Miners increasingly pivot beyond crypto toward AI services
According to Bernstein, the transition from crypto mining to AI-focused infrastructure is already becoming more visible among major mining companies. The firm highlighted IREN as an example of a company gradually shifting its business model beyond Bitcoin mining toward AI infrastructure services.
Bernstein pointed to IREN’s recent agreement with Microsoft, estimating the partnership could support an annualized revenue run rate of approximately $3.7 billion for the company’s AI cloud infrastructure operations.
The trend suggests that some Bitcoin miners are increasingly positioning themselves not only as crypto infrastructure providers but also as participants in the expanding AI economy, leveraging existing energy assets and data center expertise to capture new sources of growth.
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