Hut 8, a bitcoin mining company, plans to lease data center space to an unnamed AI hyperscaler, potentially putting it in a stronger position than its rival Core Scientific. This move comes as bitcoin miners, including Core Scientific, diversify their revenue by focusing on building high-performance computing (HPC) infrastructure to support AI applications. Analyst Mark Palmer believes Hut 8's partnership with an established AI hyperscaler will provide better economics for the company compared to Core Scientific's deal with CoreWeave. Hut 8 seeks to raise $2.5 billion to invest in Phase One of its data center project and has the advantage of accessing the finance market with its AI hyperscaler backing. As of now, Hut 8 shares are trading higher than Core Scientific's, and Palmer has a price target of $41 for Hut 8 stock.



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