Why HIVE Stock Popped Today
Key Points
Sustainable energy and advanced cooling technology give HIVE an edge in the AI race.
A lucrative new contract has the company on track to hit its year-end revenue target.
- 10 stocks we like better than Hive Digital Technologies ›
Shares of HIVE Digital Technologies (NASDAQ: HIVE) climbed on Monday after the computing infrastructure builder signed a $350 million artificial intelligence (AI) cloud services deal.
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Developing sustainable AI data centers
HIVE's BUZZ High Performance Computing subsidiary entered into a five-year graphics processing unit (GPU) agreement with "an investment-grade enterprise customer."
Under the terms of the deal, BUZZ HPC will deliver 2,016 Nvidia Blackwell Ultra GPUs in rack-scale systems designed for AI model training and inference workloads.
The GPUs will be housed at the Bell AI Fabric facility in British Columbia, which features 100% renewable hydroelectric energy and water-conserving closed-loop liquid cooling technology.
The deal is expected to generate $70 million in annualized revenue for BUZZ HPC, bringing its total projected annualized revenue to roughly $180 million.
With approximately $185 million in estimated capital expenditures, the project is also forecasted to produce strong, recurring cash flow upon full deployment.
"Our core expertise remains the same: securing renewable energy, building high-performance data centers, and converting that energy into valuable computing power," HIVE executive chairman Frank Holmes said.
Performance and sustainability go hand in hand
By offering an attractive combination of energy- and water-efficient cooling technology, high-performance Nvidia chips, and renewable power, HIVE's BUZZ HPC is set to win a larger share of the AI infrastructure build-out boom.
Management is targeting $200 million in annual recurring revenue for HIVE's GPU cloud business, and the data center developer is already well on its way to achieving its goal.
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
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