Hut 8 Corp (NASDAQ: HUT) shares declined 3.5% to $75.89 following reports of a major artificial intelligence infrastructure partnership involving the company.

The stock movement occurred after Reuters reported that Anthropic signed a $35 billion cloud-computing deal with Lambda, a Nvidia-backed provider, for a Texas data center developed by Hut 8.

Deal Structure and Capacity

The agreement covers approximately 350 megawatts of capacity located in Nueces County, Texas. According to sources familiar with the matter, Nvidia holds the lease on the data center, while Hut 8 is developing the facility.

The project aims to bring online additional Nvidia capacity to support growing demand for Anthropic’s Claude AI models. This follows Anthropic’s recent announcement of a $45 billion expenditure to rent AI cloud computing power from Nscale’s West Virginia campus.

Historical Context

Hut 8 previously disclosed a 15-year lease with an investment-grade customer in July, carrying a base-term contract value of $19.6 billion. The Financial Times later identified Nvidia as the tenant for Hut 8’s 1-gigawatt Beacon Point campus.

What the Numbers Show

The market’s negative reaction to the $35 billion deal report contrasts with the scale of the transaction relative to Hut 8’s prior $19.6 billion lease. The divergence suggests investor caution regarding execution risk or valuation metrics associated with this specific AI infrastructure model, despite the significant capital commitment involved.

Billionaire activist investor Dan Loeb’s Third Point LLC has assembled a four-stock portfolio targeting bitcoin miners transitioning to artificial intelligence infrastructure. The fund increased its position in Hut 8 Corp. (NASDAQ: HUT) by 51%, valuing the holding at $151.8 million.

This strategic shift reflects a broader industry trend where miners are converting power-intensive data centers to provide computing capacity for AI firms. This pivot aims to generate more stable and higher-margin revenue compared to traditional cryptocurrency mining.

Portfolio Composition

According to its quarterly 13F filing submitted to the Securities and Exchange Commission, Third Point diversified its exposure beyond Hut 8. The fund opened three smaller positions in companies pursuing similar transitions:

• Riot Platforms Inc. (NASDAQ: RIOT): $7 million investment.
• Core Scientific Inc. (NASDAQ: CORZ): $1.4 million investment.
• Applied Digital Corp. (NASDAQ: APLD): Less than $1 million investment.

While individually small, these stakes represent a deliberate bet on the sector-wide move from mining to AI data centers.

Financial Performance

The selected companies have reported significant revenue growth and generally exceeded analyst expectations in recent quarters.

Riot Platforms also beat revenue estimates by 27.2% in the first quarter. Core Scientific’s growth was aided by an Advanced Micro Devices (NASDAQ: AMD) partnership potentially worth $14 billion in long-term contracted revenue. Applied Digital cited accelerating AI data-center demand for its fiscal fourth-quarter surge.

What the Numbers Show

Third Point’s strategy relies on diversification rather than concentration. While Hut 8 represents the core of this thematic bet with a $151.8 million holding, the combined value of the other three positions is less than $10 million. This structure suggests the fund is using Hut 8 as its primary lever for exposure to the AI-miner pivot, while using the smaller stakes to hedge against company-specific execution risks within the same sector transition.