$HIVE Surges 13% on $350 Million AI Cloud Deal Utilizing $NVDA GPUs

Shares of $HIVE jumped 13% following the August 17 announcement that its BUZZ HPC subsidiary secured a five-year, $350 million AI cloud agreement with an unnamed investment-grade enterprise customer.
The contract, marking the largest AI deal in the company's history, covers a dedicated cluster of 2,016 $NVDA Blackwell Ultra GPUs at a hydroelectric-powered facility in British Columbia. This deployment is expected to generate roughly $70 million in annualized revenue, lifting BUZZ's contracted run rate to approximately $180 million following a separate $220 million sovereign AI contract signed in June.
Executive Chairman Frank Holmes stated that the company's proven uptime in Bitcoin mining—which helped drive fiscal 2026 revenue up 158% year-over-year to $297 million—gave it an edge over established hyperscalers. The estimated $185 million capital expenditure for the GPUs is supported by private credit markets, with lenders increasingly willing to accept general-purpose AI chips as collateral.