HC Wainwright: Hut 8 Mining Corp 'in discussions with potential customers' for HPC, AI projects
CryptoNewsTerminal Staff14 Aug, 2024
HC Wainwright: Hut 8 Mining Corp 'in discussions with potential customers' for HPC, AI projects
Hut 8 Mining Corp. is “in discussions with potential customers” for high-performance computing (HPC) and artificial intelligence (AI) projects, according to a report from New York-based investment bank HC Wainwright cited by CoinDesk. HC Wainwright upgraded Hut 8 to a buy from a sell while it raised its price target to $13.50 from $7.50. Hut 8 is a publicly traded company based in Toronto, Canada. The company is one of the largest cryptocurrency miners in the world, and it operates a fleet of over 1,000 high-performance bitcoin mining rigs. Hut 8 also offers a range of data center services, including HPC and AI. HC Wainwright's report noted that Hut 8 is “well-positioned to capitalize on the growing demand for HPC and AI services.” The firm said that Hut 8 has a “strong track record of execution” and that it is “well-positioned to grow its market share in the future.” Hut 8's stock price has been on the rise in recent months. The company's shares have gained over 100% in the past year, and they are currently trading at around $11.50.
