Bitcoin Miners’ AI Pivot Sees Diminishing Returns From Wall Street

Bitcoin mining companies shifting toward artificial intelligence and high-performance computing are striking bigger and more lucrative deals, but investors are no longer reacting with the same excitement they once did, according to new analysis.

Investor Reaction Fades Over Time

Research from Blocksbridge Consulting, published in TheEnergyMag’s Miner Weekly, examined 25 AI and HPC infrastructure deals announced between June 2024 and August 2026. The study found that average stock price jumps on announcement days dropped from around 24% for early deals to roughly 10% for more recent ones, with median gains falling by about half over the same period. This decline came even as deal sizes and contract values grew larger.

Bigger Deals, Smaller Market Reaction

The report noted that revenue per contracted megawatt has actually increased over time, meaning AI hosting agreements are becoming more profitable on paper. Still, investors now appear to weigh execution, financing structure, and long-term profitability more heavily than headline contract numbers alone.

This shift shows clearly in stock performance. Core Scientific’s early CoreWeave hosting deal sent shares up more than 40%, Applied Digital’s first CoreWeave lease jumped nearly 49%, and TeraWulf’s initial Fluidstack agreement surged close to 60%. More recent large deals have barely moved the needle by comparison. TeraWulf’s 401-megawatt lease with Anthropic lifted shares only about 5%, CleanSpark’s $6.6 billion hosting agreement gained roughly 9%, and Bitdeer’s Tydal contract briefly rose around 12% before those gains faded by market close.

Broader AI Infrastructure Pullback

TheEnergyMag’s AI Infrastructure Growth Index, which tracks public companies building AI data centers and digital infrastructure, has fallen about 28.5% from its June peak. While the index remains sharply higher over the past year, momentum has clearly slowed. The pullback lines up with a wider retreat across AI-linked stocks, with the Philadelphia Semiconductor Index down nearly 17% from its July high.