Anthropic signed a $35 billion cloud deal with Nvidia-backed Lambda
The agreement involves a Texas data center being developed by Hut 8 in Nueces County, adding to a string of major computing contracts
Hut 8 stock has seen a significant boost following a new deal between Anthropic and Nvidia-backed Lambda. Hut 8 is constructing a data center in Nueces County, Texas, which will be leased by Nvidia as part of a $35 billion cloud-computing agreement. Hut 8 CEO Asher Genoot mentioned that the company has numerous projects at various stages, including 11 publicly disclosed ones and undisclosed behind-the-meter and M&A opportunities.
Hut 8's transformation journey from a bitcoin miner to a leading AI data center operator has been marked by substantial deal flow, including a $7 billion 15-year lease with Fluidstack in Louisiana and a $9.8 billion 15-year lease at its Beacon Point campus in Texas. Analysts view Hut 8's execution on its pipeline as validation of its "Power First" thesis, emphasizing the company's ability to convert scarce power into contracted, financeable infrastructure.
With a current Buy rating and an estimated 143% upside, Hut 8 shares have gained as much as 4% in premarket trading on Tuesday.
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