HIVE Digital Technologies (HIVE) stock surged approximately 40% on Monday after the company announced a massive C$3.5 billion ($2.55 billion) AI infrastructure project through its subsidiary, BUZZ High Performance Computing. The AI gigafactory, located in the Greater Toronto Area, will boast around 320 megawatts of utility capacity and is designed to host over 100,000 GPUs at full build-out.
BUZZ HPC has already secured the land, purchasing a 21-acre parcel for C$46 million and an adjacent 4-acre plot for C$12 million. The facility is planned as a fully vertically integrated AI supercomputer center, controlling the entire stack from power to compute. Operations are expected to commence in the second half of 2027, giving the project an aggressive 18-month timeline from announcement.
The move marks a significant strategic pivot for HIVE, historically a Bitcoin mining company, as it repurposes its energy assets for high-performance AI workloads. The company has been expanding its AI infrastructure business, including converting part of a mining facility in Sweden and developing a GPU cluster in Paraguay. This trend is echoed by peers like Core Scientific and Hut 8, who are also diversifying into AI hosting.
While the market reaction reflects investor optimism for more stable revenue streams, risks remain. The project is years away from completion, requiring regulatory approvals and capital-intensive buildout. HIVE’s stock still correlates with Bitcoin prices, and execution challenges could affect profitability. Nevertheless, the announcement positions HIVE at the convergence of two high-growth sectors, signaling a broader shift among Bitcoin miners toward AI infrastructure.
