Hut 8 Stock Swings From Higher to Lower After Report of $35 Billion AI Deal

Hut 8 Corp. (NASDAQ:HUT) shares are trending Tuesday following a report tying the company to a major new AI infrastructure deal.

• Hut 8 stock is showing upward movement. What’s pushing HUT stock higher?

Anthropic Ramps Claude AI with $35B Lambda, Hut 8 Deal

According to Reuters, Anthropic has signed a cloud-computing deal worth $35 billion with Lambda, a cloud provider backed by Nvidia, for a Texas data center, according to a source familiar with the matter. The project is being developed in Nueces County by Hut 8 and covers approximately 350 megawatts of capacity, the source said. The Wall Street Journal, which first reported the deal, said Nvidia itself would hold the lease on the data center.

The Lambda deal is expected to bring online additional Nvidia capacity to meet growing demand for Anthropic’s Claude AI models, according to the source. Anthropic has been aggressively expanding its computing power, and last week said it would spend $45 billion to rent AI cloud computing power from Nscale’s West Virginia data center campus.

Hut 8 said in July it had signed a 15-year lease with an “investment-grade customer” carrying a base-term contract value of $19.6 billion, and the Financial Times later reported that Nvidia was the tenant for Hut 8’s 1-gigawatt Beacon Point campus.

Hut 8 Shares Drop

HUT Price Action: At the time of publication, Hut 8 shares are trading 3.50% lower at $75.89, according to data from Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.