Hive Digital Technologies Ltd shares reached their highest price of the year Monday after the company announced a massive AI-focused data center in Ontario, Canada [1, 2].

The move signals a strategic pivot for the Bitcoin mining firm as it leverages its high-performance computing infrastructure to capture the growing demand for artificial intelligence processing power.

Operating through its BUZZ HPC unit, the company plans to build what it calls an "AI gigafactory" near Toronto [1, 3, 4]. The project involves a 320 MW data center designed to host more than 100,000 GPUs by 2027 [2, 4].

Investment for the campus is estimated at U.S. $2.5 billion, or approximately CAD $3.5 billion [3, 4].

Market reaction to the announcement was immediate and volatile. Reports on the share price surge varied by source, with Yahoo Finance reporting a rise of over 24% [2], while MSN noted a surge of more than 30% in pre-market trading [3]. CryptoBriefing reported an even steeper 35% jump following the news [4].

The facility will position Hive as a significant player in the GPU-as-a-service market. By scaling its capacity to 320 MW, the company aims to provide the heavy-duty compute resources required for training large-scale AI models [2].

“Hive shares reached their highest price of the year Monday after the company announced a massive AI-focused data center”

The transition from cryptocurrency mining to AI infrastructure is a growing trend among firms with existing power contracts and cooling expertise. By investing billions into a GPU campus, Hive is diversifying its revenue streams to reduce dependence on the volatile Bitcoin mining market and aligning itself with the capital-intensive build-out of global AI compute capacity.