Bitcoin miners racing to repurpose their infrastructure for artificial intelligence and high-performance computing are finding a less receptive audience on Wall Street, even as the contracts they are signing grow larger and more lucrative, according to new research by Blocksbridge Consulting.
Stock Pops Shrinking as AI Deals Get Bigger
The analysis, published in TheEnergyMag’s Miner Weekly, reviewed 25 AI and HPC infrastructure deals announced between June 2024 and August 2026. The findings show a clear erosion in market enthusiasm: the average announcement-day stock gain fell from roughly 24% for the earliest deals in the sample to around 10% for the most recent ones. Median gains dropped by approximately half over the same period, even as the headline value and scale of the contracts rose.
Blocksbridge noted that annualised revenue per contracted megawatt has edged higher over time, confirming that the deals themselves are becoming more profitable. The problem for miners is that investors now appear to weigh execution, financing capacity and long-term profitability far more heavily than the size of any single contract announcement.
Early Winners vs. Recent Disappointments
The data underlines just how dramatically the market response has cooled. Among the early deals, Core Scientific’s initial hosting agreement with CoreWeave sent its shares up more than 40%. Applied Digital’s first CoreWeave lease produced a gain of nearly 49%, and TeraWulf’s inaugural Fluidstack deal surged almost 60%.
More recent transactions have generated far more muted reactions. TeraWulf’s 401-megawatt lease with Anthropic lifted its shares by roughly 5%. CleanSpark’s $6.6 billion AI hosting agreement produced a gain of nearly 9%. Bitdeer’s new Tydal contract pushed the stock up approximately 12% intraday before those gains disappeared entirely by the close of trading.
Broader Index Signals Cooling Sentiment
The pattern is reflected in TheEnergyMag’s TEM AI Infrastructure Growth Index, which tracks publicly listed companies building out AI data centre and digital infrastructure businesses. The index has fallen roughly 28.5% from its peak in June, indicating that investor caution has set in across the sector even as underlying demand for AI compute capacity remains firm.
That pullback aligns with a wider retreat in technology hardware names. The Philadelphia Semiconductor Index dropped nearly 17% from its July peak over the same period.
A Higher Bar for the Next Announcement
The shift marks a maturation in how the market processes AI hosting news from the mining sector. When the first deals arrived in mid-2024 they carried the novelty of a sector-wide strategic pivot. By mid-2026, with dozens of transactions on the record, the bar for a meaningful stock reaction has risen sharply and miners that cannot demonstrate tangible progress risk seeing even large announcements ignored.
