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The Second Half of the AI Race — Electricity! Four Key Investment Themes in US Stocks You Must Know

Overnight, a Microsoft announcement spurred a late-session rally in AI data center-related stocks.

According to Bloomberg, Microsoft’s latest internal forecasts indicate that several of its U.S. data center regions are experiencing shortages of physical space or servers, including key server cluster areas such as Northern Virginia and Texas.New subscription services for Azure cloud are being constrained.

Specifically, the shortage of Microsoft’s data center capacity will persist until the first half of 2026, extending beyond the previously anticipated timeframe of the end of 2025. Despite initiating a historic construction boom and adding over two gigawatts of capacity in the past year, multi-year construction timelines and supply chain bottlenecks remain unresolved in the short term.Customers are being forced to turn to other cloud service providers or adopt multi-region deployments as a response.

This news also triggered a late-session surge in data center-related stocks, such as $CoreWeave (CRWV.US)$ 、 $NEBIUS (NBIS.US)$ 、 $IREN Ltd (IREN.US)$ and so on.

Previously,《Seizing the New Era of AI! Infrastructure Becomes the Next Battleground, Who is Expected to Become the New Gold for Investors?》、Microsoft and Musk Continue to Double Down! Tech Giants Are Becoming Fanatics of AI Infrastructure—This Investment List Is Worth Bookmarking! Multiple articles have previously highlighted infrastructure-related opportunities. Interested fellow investors can click to view.

Data centers are the 'new infrastructure' of the AI era, but the real bottleneck is not land or hardware—it's electricity.A pressing question arises: Where will the electricity that powers the future come from?

This article will analyze the current power situation for investors, explore solutions to address electricity demand, and uncover the resulting investment opportunities.

Electricity is the true scarce resource in the AI world.

Bloomberg New Energy Finance (BNEF) forecasts that by 2035, U.S. data center electricity demand will more than double, increasing from nearly 35 gigawatts in 2024 to 78 gigawatts. Actual energy consumption growth will be even more pronounced, with average hourly electricity demand nearly tripling, rising from 16 gigawatt-hours in 2024 to 49 gigawatt-hours in 2035.

Source: Bloomberg

The core dilemma of the U.S. power grid lies in the fact that surging electricity demand is being met with long-standing underinvestment in infrastructure. Low demand over the past decade led to stagnant investment, and when demand finally surged, the investment structure was severely imbalanced. Compounding the issue, limited grid investments were structurally inadequate: in distribution, more than half of the funds were merely used to "maintain the status quo"—28% for replacing aging equipment and another 28% for reinforcing existing facilities. Investments aimed at expanding capacity accounted for a mere 28%.

In fact, when Meta announced its high-profile nuclear power procurement agreement on June 3,the market witnessed a harsh reality:American Electric Power's infrastructure is being pushed to its limits by AI-driven demand, and the existing 94 nuclear reactors are simply insufficient to meet this energy shortfall. Analysts at Bernstein, a major Wall Street firm, have also sounded the alarm:The U.S. power grid may be heading toward an inevitable collapse.

OpenAI CEO Sam Altman’s latest interview also highlighted that AI and energy have become “inseparable.”The exponential growth of AI will rely on cheaper and more abundant energy resources.

Altman stated directly:At such a scale, the number of GPUs no longer holds significance; instead, what matters is the power consumed by entire clusters of chips—measured in gigawatts (GW). The GW figure has become the sole standard for measuring how much effective computing power a company can sustain.

When the brightest minds begin to measure AI capabilities in terms of power generation (GW), a completely new economic paradigm has arrived.

Where will the electricity that drives the future come from?

Regarding how to address future energy demands, Altman provided a clear roadmap. He predicts that,In the short term, the majority of new baseload energy in the U.S. will come from natural gas. However, in the long term, he believes that 'the two dominant energy sources will be solar plus storage, and nuclear power.'The nuclear power he refers to includes the entire advanced nuclear technology stack, including small modular reactors (SMRs) and nuclear fusion.

In fact, to meet the explosive growth in electricity demand driven by AI, the market has developed four primary pathways: grid integration, behind-the-meter power supply, on-site self-built power sources, and repurposed mining facilities. The table below provides a detailed comparison of the core characteristics of each solution.

This article will focus onOn-site self-built power sources and mine transformationThe two pathways, specifically:

1. On-site self-built power sources: including gas turbines, energy storage, and small modular nuclear reactors.

1. The most mainstream choice — gas turbines

Firstly, Gas turbines are currently the most technically mature and mainstream choice.From the current installed capacity in the United States, natural gas accounts for the largest share. The core reason lies in the significant increase in natural gas production and reduction in costs following the shale oil revolution in the U.S., along with a rapid improvement in power generation efficiency after the introduction of modern natural gas combined cycle power plant technology.

According to a research report by Minsheng Securities, gas turbines used as the main or backup power source for data centers have the following characteristics and advantages: ① High energy density; ② High combined cycle efficiency, with an efficiency exceeding 80% under cogeneration of heat (cold) and electricity; ③ Modular design (plug-and-play); ④ Fast startup (1-5 minutes); ⑤ Low backup costs, low operational and maintenance costs; ⑥ Automatic switching between primary and backup fuels during uninterrupted power supply.

For instance, Elon Musk’s xAI data center in Tennessee, USA (150MW), uses 100,000 of NVIDIA's latest H100 GPU chips to build one of the most powerful artificial intelligence training models today. Due to its high energy consumption, local residents are concerned about the impact on the local power grid,Elon Musk has opted to use gas turbines as the power source for the data center.

Notably, the three major gas turbine suppliers—GE Vernova, Siemens, and Mitsubishi—collectively account for nearly 90% of the global gas turbine market's core share.

Among them, $GE Vernova (GEV.US)$A global leader in power technology, the company operates across three major segments: power, wind energy, and electrification.Their technology plays a critical role in global power supply, with approximately 30% of the world's electricity generated by their equipment. Since its spin-off listing on the U.S. stock market last year, this company's cumulative increase has reached 450%.

Previously,Global Power Industry Leader GEV: The Winner in the Age of AI!The company was previously introduced in detail. GE Vernova’s financial performance in the second quarter of 2025 highlights its market strength. Driven by robust demand in the power and electrification sectors, revenue surged to $9.1 billion, marking an 11% year-over-year increase. The electrification division, a key growth driver, saw its revenue rise to $2.2 billion, with earnings before interest, taxes, depreciation, and amortization (EBITDA) margin nearly doubling to 14.6%.This highlights the high-profit potential of AI-enabled services such as predictive maintenance and grid analytics.

In summary, in this AI-driven new era, GE Vernova is not only a provider of electricity but also a shaper of the future energy landscape. It has mature solutions in the fields of power, wind energy, and electrification, and operates steadily, with both revenue and profit margins continuing to grow. As future electricity demand increases, GE Vernova will be one of the direct beneficiaries, making it worthy of continued monitoring by investors.

2. One of the key solutions — energy storage

Traditional power infrastructure projects typically have long construction cycles, making it difficult to quickly meet rising electricity demands, whereasenergy storage systems can be deployed within just 1 to 1.5 years,offering a much-needed solution akin to 'distant water cannot quench an immediate fire,' but acting as a vital lifeline.This underappreciated solution is becoming a critical component in ensuring reliable power supply.

For investors, this trend is expected to drive the U.S. electrochemical energy storage market to maintain robust growth of over 50%, benefiting key segments across the value chain, including battery cell manufacturing, energy storage integration, backup power generation, and fuel cells.

Previously,Multiple Battery Stocks Have Doubled This Year! What Are the Investment Opportunities in Fuel Cells, Solid-State Batteries, and Energy Storage Batteries?A recent article provided an in-depth analysis of the potential companies within this sector:

Among them, Bloom Energy, a leader in the commercialization of SOFC (Solid Oxide Fuel Cell) technology, $Bloom Energy (BE.US)$ and Eos Energy, a provider of zinc-based energy storage solutions in the U.S. $Eos Energy (EOSE.US)$ and global energy storage giant $Fluence Energy (FLNC.US)$ The trend has been very strong, with both having doubled since July.

Specifically:

– Bloom Energy – the global leader in SOFC technology

According to a research report by China Merchants Securities, $Bloom Energy (BE.US)$is the global leader in SOFC technology, holding approximately 40% market share in the stationary fuel cell sector,Through its breakthrough applications in the U.S. power grid and data center sectors, Bloom Energy has secured significant orders for data center power supply systems from industry giants such as Oracle, Equinix, and American Electric Power.

Bloom Energy’s total revenue for the 2024 fiscal year reached $1.47 billion, an 11% increase year-over-year, setting a new historical high. In Q1 of 2025, revenue was $330 million, growing by 39% year-over-year; in Q2 of 2025, revenue was approximately $400 million, up 20% year-over-year, with gross margins maintained at around 28%. Operating cash flow turned positive for multiple consecutive quarters. This indicates that the company has achieved a stable improvement in profitability for the first time amid large-scale expansion.The company expects revenue for 2025 to range between USD 1.65 billion and USD 1.85 billion, representing a growth of 12%-26%.

As of Q2 2025, the company has accumulated over 1 GW of SOFC orders pending delivery, covering data centers, utilities, and industrial customers. In July 2025, the company announced a collaboration with Oracle to provide power for its AI data center, promising a 90-day delivery; in 2024, it partnered with CoreWeave, with operations scheduled to commence in Q3 2025 in Illinois, marking a rapid entry of SOFC into the AI computational power scenario. That same year, Bloom signed a 1 GW order with AEP (with the first 100 MW to be delivered), establishing the largest procurement in the history of fuel cells, and the collaboration with Equinix also exceeds 100 MW, covering 19 data centers, highlighting the replicability and scalability potential of SOFC among top-tier IDC clients.

Bloom Energy currently has a production capacity of 1GW, which is expected to double to 2GW by 2026 to meet the rapidly growing demand in the IDC market. As economies of scale take effect in the future, system costs are anticipated to continue declining. The company emphasizes the advantages of fuel flexibility and modular deployment, believing that solid oxide fuel cells (SOFC) will gradually replace traditional diesel engines and gas turbines over the next few years, becoming a core power solution for data centers.

– Eos Energy — A U.S.-based zinc battery energy storage supplier

$Eos Energy (EOSE.US)$ Founded in 2008, Eos Energy is a U.S.-based energy storage solutions provider headquartered in Edison, New Jersey. The company specializes in the design, manufacturing, and sales of zinc-based battery systems. Its flagship product, the Znyth® aqueous zinc battery, has established a unique competitive advantage in the energy storage market due to its safe, non-flammable, and highly scalable differentiated features.

Eos Energy is demonstrating strong momentum in commercialization acceleration. In the first half of 2025, the company’s revenue reached USD 25.7 million, surging 243% year-over-year.Of this, the second quarter set a new quarterly record with revenue of USD 15.2 million, marking the entry into a new phase of growth.This performance is underpinned by substantial capacity expansion: the advanced automated production line located in Turtle Creek, Pennsylvania, has commenced operations and is steadily progressing toward its planned capacity target of 2GWh, which is expected to support annual revenue potential of USD 400-500 million.This progress has also been validated by Stifel analysts during on-site visits, who noted the production line operates efficiently with smooth sub-assembly processes.

However, it is worth noting that the company remains in a state of significant loss. In the first half of 2025, the loss widened to USD 55.9 million.

Since July, the company's share price has surged over 190%.This company is a typical "story stock," characterized by high growth and high risk coexisting.The core of its investment narrative lies in its unique zinc battery technology, explosive revenue growth, vast potential market, and favorable policy support.

However, the other side of this "coin" presents serious challenges: the company has yet to achieve profitability, faces intensifying competition, encounters valuation disputes, and experiences high stock price volatility as a result. Its investment opportunities and risks are two sides of the same coin.

– Fluence Energy – Global energy storage giant

$Fluence Energy (FLNC.US)$ As a joint venture between Siemens and AES, Fluence Energy is a leading global provider of Battery Energy Storage System (BESS) solutions.

By integrating energy storage products, specialized services, and digital applications, the company is committed to promoting large-scale deployment of renewable energy. Amid the wave of energy transition, Fluence’s BESS solutions demonstrate core value as an alternative to traditional gas-fired power generation, thanks to their lower capital expenditure, rapid deployment capability, and flexible peak-shaving performance.

In the second quarter of fiscal year 2025, Fluence reported revenue of USD 432 million. Despite a 30.7% year-on-year decline in revenue due to tariff policy impacts, the company showed robust business recovery with a 131% quarter-on-quarter increase. More notably, the adjusted gross margin for the quarter stood at 10.4%, nearly unchanged from 10.6% in the same period last year, indicating stable profitability of its core operations despite external headwinds. This provides a solid foundation for its subsequent recovery.

Additionally, Fluence Energy announced in September that its most advanced energy storage solution to date, Smartstack, has officially entered mass production. The product is being manufactured at a leading automated contract manufacturing facility in Vietnam, marking that Smartstack is now ready for market deployment and highlighting a key advancement for Fluence in meeting the global demand for high-performance energy storage solutions.

Despite short-term headwinds brought on by sudden changes in the external policy environment, Fluence's core fundamentals remain solid. However, due to recent excessive gains, investors should be mindful of the associated risks.

3. Small Modular Nuclear Reactors

Nuclear energy stocks have become the darlings of the market since the AI boom.

Wall Street generally regards nuclear energy as the ideal alternative energy source because it provides stable, pollution-free electricity while reducing overall decarbonization costs by limiting grid investments and battery storage requirements needed to transmit and consolidate solar and wind power supplies.

Notably, the U.S. Department of Energy and its subordinate agencies have issued tenders at national laboratories rich in nuclear resources, planning to build large AI data center clusters powered by advanced energy technologies. This initiative explicitly supports AI, with eligible data centers defined as "dedicated to AI and requiring an additional electrical load of 100 megawatts or more." It strongly promotes nuclear energy, clearly stating that nuclear power will be one of the key energy technologies supporting such large-scale data centers.

Futubull AI previously highlighted that the nuclear power industry chain could emerge as a standout performer in 2025.Among them, $Oklo Inc (OKLO.US)$ Up more than 550% year-to-date, $NuScale Power (SMR.US)$ 118%，$NANO Nuclear Energy (NNE.US)$ Increased by more than 88%, $BWX Technologies (BWXT.US)$ Increased by more than 75%.

According to a research report by Guosheng Securities, the SMR nuclear power industry chain encompasses all stages from upstream uranium mining, midstream research and construction, to downstream operation and waste management.

Upstream: Raw Materials and Processing

The upstream supply chain primarily involves the essential raw materials, key equipment, and nuclear fuel required for nuclear energy development, which mainly includes uranium mining and uranium enrichment.

Specifically, uranium mining includes $Cameco (CCJ.US)$ 、$Uranium Energy (UEC.US)$ 、$Energy Fuels (UUUU.US)$ 、$Denison Mines (DNN.US)$ 、$NexGen Energy (NXE.US)$ Nuclear fuel processing$Centrus Energy (LEU.US)$ 。

Midstream: Design, Research and Development, and Construction

The midstream includes design, research and development, and construction. Among these,

$NuScale Power (SMR.US)$ is the first SMR (Small Modular Reactor) nuclear power company to go public, with its core product being the SMR power module.

$Oklo Inc (OKLO.US)$ focuses on the development of small modular reactors (SMRs). The company has received investment from Sam Altman, the 'father of ChatGPT';

$NANO Nuclear Energy (NNE.US)$ Focused on the development of small modular reactors, the main business covers four areas related to SMRs, encompassing multiple stages such as manufacturing, fuel, and transportation, with the aim of building a diversified vertically integrated industrial chain;

$BWX Technologies (BWXT.US)$ focuses on the manufacturing of nuclear reactor components and nuclear energy technology. The main difference between BWXT and SMR/Oklo is that BWXT is a major supplier of large equipment and technical services, primarily providing nuclear reactor components, nuclear fuel, and defense-related nuclear technologies to the government and commercial sectors, with clients including the U.S. government (such as providing nuclear reactors for naval submarines).

Downstream: Operations, Sales, and Waste Management

The downstream segment mainly involves the operation of nuclear power plants and energy supply.Participants include $Constellation Energy (CEG.US)$ 、 $Vistra Energy (VST.US)$ 、 $American Electric Power (AEP.US)$ 、 $Southern (SO.US)$ 、 $Exelon (EXC.US)$ 、 $Duke Energy (DUK.US)$ 、 $Entergy (ETR.US)$ 、 $Public Service Enterprise Group (PEG.US)$ and so on.

Furthermore, electrical equipment includes $GE Vernova (GEV.US)$ 、 $Eaton (ETN.US)$ 、 $Honeywell (HON.US)$ 、 $Emerson Electric (EMR.US)$ 、 $Graham (GHM.US)$ and so on.

The latest Goldman Sachs report on the nuclear energy industry indicates that the global uranium market is heading towards a period of structural shortage. This trend will accelerate starting in 2025, with a projected global uranium shortfall of 130 million pounds by 2040.Simultaneously, nuclear power demand is surging in the AI era, leading to a comprehensive boom in global nuclear power installations.

Analysts point out that the imbalance between uranium supply and demand, a surge in nuclear power demand, and other electrification trends will jointly drive the nuclear energy industry.

2. Mine Renovation

Previously,Whoever controls electricity will control the future of AI? Bitcoin miners are transforming into 'power brokers' of the AI era!曾提示過，Bitcoin miners, equipped with substantial power and computing resources, are becoming highly sought-after assets in the eyes of technology giants.

Specifically:

$Applied Digital (APLD.US)$

Applied Digital is a company that many are familiar with, as it is one of NVIDIA’s portfolio holdings.Applied Digital was among the first miners to pivot towards constructing HPC data centers.This company's stock has risen nearly threefold within the year.

APLD initially focused on cryptocurrency mining infrastructure, but since 2022, they have shifted their focus to AI and high-performance computing (HPC), primarily building large-scale data centers to provide computational power for companies engaged in AI and cloud computing.

Notably, the company's revenue for the first fiscal quarter exceeded Wall Street expectations. Despite still recording a net loss, it demonstrated strong growth momentum. This performance was driven by surging demand for its data center services, as an increasing number of clients expand their computing power to support rapidly evolving generative AI applications.

During the period from June to August,the company’s data center colocation business unit generated revenue of $37.9 million,while cost of revenue for the quarter surged 144% to $55.6 million.

Additionally, Applied Digital noted that its Polaris Forge 1 campus holds significant expansion potential, with projected additional power allocations expected to increase the campus’s total capacity beyond 1GW between 2028 and 2030.

Driven by the strong earnings report, the company’s shares surged over 26%, accumulating nearly a threefold increase year-to-date.

$IREN Ltd (IREN.US)$

Cryptocurrency mining and AI infrastructure company IREN recentlyannounced the signing of a multi-year cloud services contract with a leading AI company for the deployment of NVIDIA Blackwell GPUs.This company has risen more than 500% year-to-date.

In a previous statement, the company indicated that this new equipment will be delivered in phases to its facility in Prince George.This is expected to strongly support the company's goal of achieving an annual recurring revenue (ARR) of over $500 million from its AI cloud business by the end of the first quarter of 2026.

It is worth noting that, on August 28, 2025,IREN entered into a strategic partnership with NVIDIA, becoming its preferred partner.

In addition, IREN's core strengths are reflected in its securedsubstantial power capacity and robust infrastructure deployment:

Power advantage: It has secured a total power capacity of 2.9GW, exceeding current contractual customer demand.

Infrastructure: It owns six built or under-construction data center campuses across five locations.

Current operations and near-term plans:

Ongoing operations:The Prince George data center in British Columbia, with a capacity of 50MW, is already operational with its GPU cluster; once all NVIDIA GPUs are installed, the power consumption will reach 30MW.

Projects under construction:

Horizon 1: Located within the Childress campus, with a scale of 50 megawatts and an investment of $350 million, it is scheduled to go online in Q4 2025.

Sweetwater 1: A hyperscale data center with a capacity of 1,400 megawatts, planned to be operational by April 2026.

Sweetwater 2: Under development, with a scale of 600 megawatts, expected to be operational by 2028.

$TeraWulf (WULF.US)$

In August 2025, Google acquired an 8% stake in Bitcoin mining company TeraWulf for $1.8 billion in funding plus $3.7 billion in contract guarantees, receiving 41 million stock warrants. This marked a landmark event in the convergence of cryptocurrency and AI. Since gaining Google's backing, the company’s share price has surged 133% year-to-date.

TeraWulf is a crypto mining company that has transitioned from Bitcoin mining to becoming an HPC service provider, leveraging its Lake Mariner data center in New York State (equipped with a 345kV transmission grid, closed-loop water cooling system, and ultra-low latency fiber optic network). The company signed a ten-year agreement with the AI cloud platform Fluidstack.The agreement provides 200 megawatts (200MW) of AI computing power. If renewed, the total contract value will reach $8.7 billion.

Google's entry not only provides capital support to TeraWulf but also validates the strategic value of its "zero-carbon energy-driven AI infrastructure," marking a fundamental shift in the mining business model from reliance on cryptocurrency price volatility to stable computing power services.

$Cipher Digital (CIFR.US)$

Earlier this year, the CEO of Cipher Mining outlined the company’s strategic shift from Bitcoin mining to data center development. The company's shares have risen over 270% year-to-date.

Notably, Cipher Mining secured a $50 million investment from SoftBank, which will purchase approximately 10.4 million shares of the Bitcoin miner’s common stock. This financing was conducted through a public equity investment method.The funds will be used to support the construction of Cipher’s high-performance computing (HPC) and AI data center infrastructure.

$CleanSpark (CLSK.US)$

CLSK’s new CEO recently mentioned entering the HPC field in an interview. Additionally, the company has increased its Bitcoin-backed credit line by $100 million via Coinbase. This $100 million financing will be used for strategic capital expenditures, including expanding CleanSpark’s energy portfolio, scaling its Bitcoin mining operations, andInvesting in high-performance computing (HPC) capabilities.Notably, The company has 1GW of reserve power.

$Core Scientific (CORZ.US)$

Core Scientific was once one of the top Bitcoin miners but went bankrupt during the cryptocurrency market crash. With the recovery of Bitcoin prices and a successful transition to AI infrastructure business, the company officially emerged from bankruptcy last January.

Despite its origins in cryptocurrency mining, Core Scientific boasts a robust infrastructure advantage and has transformed into one of the key data center contractors for AI cloud computing company CoreWeave.Leveraging its abundant power resources, it has successfully transitioned from being a miner to a provider of computational infrastructure.

CoreWeave has signed a 12-year long-term agreement with Core Scientific to lease its 200-megawatt data center resources and expressed an acquisition interest of approximately $1 billion last year.

$Riot Platforms (RIOT.US)$

Riot began exploring AI and high-performance computing (HPC) businesses in early 2025.It officially initiated an evaluation to transform its Corsicana, Texas facility, which has a capacity of up to 600 megawatts, into high-performance infrastructure. This strategic shift also led to the temporary suspension of further expansion plans for its Bitcoin mining operations at the site. Although Riot has not yet secured any significant AI contracts, its Corsicana campus spans 355 acres and has the potential to support up to 1 gigawatt of power, making it attractive to hyperscale customers.

CEO Jason Les stated, "We will continue to expand our land reserves to ensure that the Corsicana facility can meet the demands of AI data centers."

Notably, in early June, the company announced the appointment of Jonathan Gibbs as its Chief Data Center Officer. With over 15 years of experience in designing and constructing large-scale data centers, Jonathan Gibbs’ portfolio includes more than 1,000 megawatts of capacity across North America, Europe, and Asia.

$Hut 8 (HUT.US)$

Hut 8's AI strategy entered a substantive phase in September 2024, when the company launched its GPU-as-a-Service business through a newly established subsidiary, Highrise AI.

Following this transformation, Hut 8 deployed over 1,000 NVIDIA H100 GPUs — specialized chips widely used for AI model training and inference, enhancing its cloud-based AI computational services. The project is supported by a five-year agreement that includes fixed payments and revenue-sharing provisions.

$MARA Holdings (MARA.US)$

In March 2024, MARA released the MARA 2PIC700.This is an immersion cooling system specifically designed for high-density computing power, including AI and cryptocurrency mining.By mid-2024, the company will reposition its overall strategy towards an 'edge computing' layout.

In early 2025,MARA launched two high-performance computing pilot sites,each equipped with a 2PIC700 cooling system, with a single site power capacity of approximately 30 megawatts.

$Galaxy Digital (GLXY.US)$

Galaxy Digital signed a 15-year lease agreement with cloud computing company CoreWeave for its Helios data center located in Texas,providing 133 megawatts of electricity,expected to generate approximately $4.5 billion in revenue through this lease agreement. This move not only demonstrates Galaxy Digital's strong capabilities in the digital asset space but also lays a solid foundation for its future market expansion.

Analysts noted that Galaxy’s acquisition of the Helios data center was originally an emergency response during the crypto winter; however, following the surge in AI demand, this asset has become a key growth engine. Rittenhouse estimates that Helios will contribute $1.7 billion in EBITDA and $32 billion in equity value, far exceeding the volatility and high investment associated with mining operations.

$HIVE Digital Technologies (HIVE.US)$

Since mid-2023, Hive officially transitioned to focus on NVIDIA-powered computing clusters and rebranded from Hive Blockchain, marking its strategic shift towards AI.

After conducting small-scale pilot projects, Hive invested $30 million in December 2024 to deploy GPUs in Quebec, Canada. By mid-2025, over 5,000 units have been deployed.

In the fiscal year 2025, Hive achieved total revenue of $115.3 million, with its AI and high-performance computing (HPC) hosting business contributing $10.1 million—triple the amount from the same period last year, now accounting for nearly 9% of total revenue.Hive aims to achieve $100 million in AI revenue by 2026.

HIVE recently announced the acquisition of a 7.2-megawatt data center located in Toronto, Canada. HIVE plans to convert it into a Tier 3 data center for its subsidiary BUZZ HPC, capable of accommodating up to 5,000 next-generation liquid-cooled GPUs.This move is clearly aimed at meeting the demands of AI model training and inference.

Craig Tavares, President of BUZZ HPC, emphasized the strategic importance of establishing a 'sovereign AI data center' to ensure data residency and security in Canada. This aligns with the global trend of countries competing to build domestic AI infrastructure.

For HIVE, which originated from a cryptocurrency mining enterprise, this represents a significant step towards its evolution into a diversified AI and cloud service provider, creating a new narrative for investors that is less reliant on the daily fluctuations of cryptocurrency prices.

$Keel Infrastructure (KEEL.US)$

At the beginning of the year, Bitfarms announced a strategic partnership with Appleby Strategy Group (ASG) and World Wide Technology (WWT). According to GlobeNewswire, this collaboration aims to conduct a comprehensive feasibility analysis of Bitfarms' high-performance computing (HPC) and artificial intelligence (AI) applications across North America.

$Bitdeer Technologies Group (BTDR.US)$

On November 10, 2023, Bitdeer entered into a cooperation agreement with NVIDIA, becoming the first Cloud Service Provider (CSP) partner in Asia to offer DGX H100 SuperPOD cloud services.

Bitdeer will enjoy priority supply rights from NVIDIA, providing GPU cloud services for the development and training of AI models. This announcement was made at a press conference held at NVIDIA's Singapore office, highlighting Bitdeer's emphasis on the title of 'NVIDIA Partner.'

Bitdeer's AI development roadmap encompasses infrastructure construction, cloud platforms, software support, and application API services. Through its collaboration with NVIDIA, Bitdeer will continuously invest in infrastructure such as GPUs, DGX, and SuperPod, while launching cloud computing platforms, artificial intelligence training and inference platforms, AI software tools, and application programming interfaces to provide comprehensive support for AI development.

Overall, the core rationale for mining companies transitioning to AI/HPC lies in achieving diversified revenue streams.However, whether infrastructure advantages can translate into sustained profitability will become the key differentiator for companies navigating industry cycles. Therefore, investors need to exercise prudent judgment.

Overall, with the rapid development of the global artificial intelligence industry, competition for electricity demand is becoming increasingly intense. Perhaps whoever controls electricity will control the future of AI? In the second half of the AI data center evolution, electricity will be the main focus of development.

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