Hive Digital Stock Rallies Pre-Market On $30M Nvidia Bet: Retail Cautiously Optimistic
By Stocktwits Inc | First Published Dec 24, 2024, 7:21 PM ISTThe data center operator plans to deploy clusters of Nvidia H100 and H200 GPUs to enhance its artificial intelligence and high-performance computing infrastructure.
Shares of Hive Digital Technologies rose as much as 3% in premarket trading on Tuesday after the company announced a $30 million investment in Nvidia GPU clusters to bolster its AI and high-performance computing capabilities.
Nvidia's shares also ticked up by 0.5% in premarket trade.
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The data center operator plans to deploy clusters of Nvidia H100 and H200 GPUs to enhance its artificial intelligence and high-performance computing infrastructure.
According to Hive, the H100 cluster, comprising 248 GPUs across 32 interconnected nodes, is already on-site and will be operational by the end of 2024.
Meanwhile, the H200 cluster, featuring 508 GPUs across 64 nodes, is expected to arrive in early January 2025, with deployment scheduled for the first quarter of 2025.
"This $30 million investment reinforces HIVE's growth position as a leader in the global gig economy and its commitment to driving the digital transformation of artificial intelligence and high-performance computing," the company stated.
The announcement follows Hive’s ongoing efforts to scale its digital infrastructure in Canada, particularly in the province of Quebec, which has become a hub for advanced computing projects due to its affordable energy resources and favorable climate for data center operations.
Retail sentiment on Stocktwits filled to ‘bullish’ from ‘bearish’ a day ago, but chatter remained ‘low’ given the holiday season.
On Monday, the stock dropped 5.11%, with many users speculating that the stock is facing strong resistance at $3.
Others expressed their disappointment that the data center company, known for facilitating crypto mining operations, has not seen the same meteoric rise as Bitcoin this year.
The Hive Digital Technologies stock is down over 32% year-to-date.
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