HIVE Shares Jump 10% After $220 Million Canada AI Infrastructure Deal
Summary
- HIVE Digital Technologies said it signed a $220 million GPU cloud deal with Cohere and Bell Canada.
- The company said the agreement calls for the installation of about 2,300 Nvidia GPUs at Bell Canada’s AI facility and could increase annual revenue by about $70 million.
- HIVE shares jumped about 10%% in premarket trading on the news, while CoinDesk said the company’s shift toward the AI infrastructure business is gaining momentum.
Forecast Trend Report by Period
U.S. Bitcoin miner HIVE Digital Technologies has won an artificial intelligence infrastructure contract in Canada.
CoinDesk reported on June 18 that HIVE signed a $220 million graphics processing unit cloud deal with AI company Cohere and Bell Canada. Under the agreement, HIVE’s high-performance computing unit plans to install about 2,300 Nvidia GPUs at Bell Canada’s AI facility.
The facility will serve as the computing infrastructure for Cohere’s enterprise AI models. Cohere’s main customers include the Canadian government and businesses.
The infrastructure could begin operating as early as the end of this year. HIVE expects the contract to increase annual revenue by about $70 million.
HIVE shares jumped about 10% in premarket trading after the news. CoinDesk said HIVE’s shift toward the AI infrastructure business is gaining momentum.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
