Shares of Bitcoin miners TeraWulf (WULF), IREN, and Hut 8 (HUT) jumped sharply on July 8, but the rally was not driven by Bitcoin. Instead, investors appeared to reward companies with growing exposure to artificial intelligence infrastructure.
All three stocks ranked among the day’s strongest performers in the technology sector, reflecting a broader market shift. Mining companies are increasingly being valued not only as Bitcoin producers, but also as potential suppliers of power and data center capacity for AI workloads.
TeraWulf’s Anthropic Deal Sets the Tone
TeraWulf shares rose more than 12.8% after the company signed a 20-year lease agreement with Anthropic-linked AI infrastructure demand for a data center project in Kentucky. The facility is expected to support 401 megawatts of power capacity and is scheduled to begin operations in early 2028.
Analysts expect the contract to generate more than $19 billion in revenue over the full lease term. Following the announcement, Compass Point raised its price target for TeraWulf from $28 to $40 and maintained its “buy” rating.
TeraWulf CEO Paul Prager said the agreement supports the company’s strategy of expanding into AI infrastructure. The deal also gives the company a long-term revenue stream, which investors viewed as a major positive.
The company also sold a stake in one of its Texas projects, freeing up additional capital for new infrastructure investments.
IREN and Hut 8 Follow the Same AI-Driven Trend
IREN shares rose 8.01% after Freedom Capital Markets upgraded the stock to a “buy” rating. According to the firm’s analysts, the recent pullback created an attractive entry point and left the company’s AI infrastructure potential underappreciated by the market.
Nvidia’s July 8 keynote also helped improve sentiment toward Bitcoin miners with exposure to AI and data center infrastructure.
Hut 8 shares climbed 9.69% in a single trading session after the company was added to several Russell growth and small-cap indexes. The inclusion increased investor attention at a time when Hut 8 is also pushing deeper into AI infrastructure.
Over the past year, Hut 8 shares have gained 383%, highlighting how strongly the market has responded to miners that are repositioning beyond Bitcoin production.
Bitcoin Miners Are Becoming AI Infrastructure Plays
The same trend is now visible across the mining sector. Valuations are becoming increasingly tied to AI data center capacity, power access, and long-term infrastructure contracts rather than Bitcoin price action alone.
For investors, this marks an important shift. Bitcoin miners are no longer being viewed only through the lens of hash rate, mining margins, or BTC production. Companies with access to large-scale power and data center sites are now being treated as potential beneficiaries of the AI infrastructure boom.
The key question is whether this momentum can continue into the second half of 2026. If AI capital spending slows, investors may become more selective. But for now, the market is clearly rewarding miners that can turn energy assets into long-term AI infrastructure revenue.
