Hut 8 Shares Surge Over 30% Following $9.8 Billion Lease for Texas AI Data Center

Hut 8 shares experienced a significant increase of over 30% after the company announced a $9.8 billion lease agreement for the initial phase of its Beacon Point AI data center campus in Texas. According to NS3.AI, the campus is designed to align with NVIDIA's compute architecture. The lease has the potential to exceed $25 billion if all renewal options are utilized. Despite this positive development, Hut 8 reported a first-quarter net loss of $253 million on revenue of $71 million.