Is the Hut 8 Rally Sustainable?
Hut 8 (NASDAQ: HUT) is riding the artificial intelligence (AI) wave. The company that began as a Bitcoin (CRYPTO: BTC) miner and evolved into a neocloud provider has more than doubled its share price year to date as more investors recognize that gigawatts are the new currency of the AI boom.
The advanced chips needed to support artificial intelligence are best deployed in massive clusters housed in specialized data centers. Those data centers, in turn, require prodigious amounts of electricity to operate. Hut 8 is set up to deliver that infrastructure, and the market has been rewarding it for that -- but does its rally have more room to run?
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Source Fool.com
