- Bitcoin miners that converted data centers to host AI and cloud workloads saw strong gains into 2026.
- Microsoft and Meta signaled continued heavy AI investment in recent quarterly reports and outlooks.
- IREN, CIFR and HUT posted notable stock increases after cloud and AI infrastructure deals.
- Iren secured a multiyear cloud contract with Microsoft using advanced NVIDIA chips; Cipher Mining agreed to deliver 300 megawatts to Amazon Web Services.
- Market participants await Nvidia’s next earnings report on Feb. 25 as a test of AI-related demand.
Shares of bitcoin mining firms that repurposed their data centers for Artificial Intelligence and cloud computing rose sharply into 2026 after strong signals of continued AI spending from major tech firms. Recent fourth-quarter results and outlooks from Microsoft and Meta emphasized AI as a core growth area, with Meta forecasting $115 billion to $135 billion in capital spending for 2026. An accompanying image is available here.
Microsoft CEO Satya Nadella highlighted the company’s AI momentum, saying “We are only at the beginning phases of AI diffusion, and already Microsoft has built an AI business that is larger than some of our biggest franchises,” and noting continued investment across the AI stack. Meta’s capital spending outlook exceeded consensus forecasts and signals sustained infrastructure buildout.
Miners shifted strategy after bitcoin’s recent halving cut mining rewards and increased pressure from competition and power costs. Several firms announced deals to host high-performance computing. IREN revealed a multiyear cloud-services contract with Microsoft to support AI workloads using advanced Nvidia chips. Around the same time, Cipher Mining (CIFR) agreed to deliver 300 megawatts of capacity to Amazon Web Services.
Stock moves reflected the pivot. IREN rose 4.9% on Wednesday, bringing its year-to-date gain to 47% and its year-over-year advance to 524%. CIFR rose 1.2% on Wednesday and is up 17% in 2026 and 322% year-over-year. Hut 8 (HUT) has gained 26% year-to-date and 230% year-over-year.
Investors and industry watchers will look to Nvidia’s report on Feb. 25 as the next major indicator of demand for AI infrastructure.
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