Bitcoin mining companies have increasingly expanded into artificial intelligence (AI) and high-performance computing (HPC) infrastructure, reshaping their business models to capture new revenue streams. However, investor enthusiasm for these deals has waned. Recent data shows that the market’s immediate response to AI infrastructure announcements has softened noticeably compared to earlier contract signings.
A detailed analysis of 25 AI and HPC infrastructure deals spanning from mid-2024 to late 2026 reveals a clear shift. Early announcements drove average stock price jumps around 24% on the day of the deal, but this has dropped to roughly 10% for the most recent transactions. Median stock gains similarly halved during this period, despite the contracts becoming larger and more valuable.
According to the report published by Blocksbridge Consulting in TheEnergyMag’s Miner Weekly, annualized revenue generated per contracted megawatt has steadily increased, pointing to more lucrative AI hosting partnerships. Still, with AI infrastructure deals becoming routine in the sector, investors now place greater importance on companies’ ability to execute these projects effectively, manage financing, and demonstrate long-term profitability rather than just headline figures.
Market reactions highlight this shift vividly. For example, the first AI hosting agreement between Core Scientific and CoreWeave propelled Core Scientific’s stock by over 40%. Similarly, Applied Digital’s initial CoreWeave lease rose nearly 49%, and TeraWulf’s inaugural Fluidstack deal jumped almost 60%. In contrast, more recent mega-deals have generated only modest stock moves—TeraWulf’s large-scale 401-megawatt lease with Anthropic lifted shares by about 5%, CleanSpark’s $6.6 billion contract gained close to 9%, and Bitdeer’s Tydal agreement temporarily boosted stock by roughly 12% before those gains evaporated.
The overall cooling of investor enthusiasm is also reflected in broader market indexes. TheEnergyMag’s TEM AI Infrastructure Growth Index, which tracks public companies in AI data centers and digital infrastructure, has fallen around 28.5% from its peak reached in June, signaling increased caution. Despite strong ongoing demand for AI infrastructure, the index’s upward momentum has noticeably slowed in recent months.
This trend aligns with movements in related sectors, such as the Philadelphia Semiconductor Index, which declined nearly 17% from its July high. The tempered investor response suggests the market is maturing, scrutinizing execution capabilities and profitability more closely rather than reacting solely to headline-changing contract announcements.