HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is one of the top AI stocks with huge upside potential. On July 21, H.C. Wainwright reiterated a ‘Buy’ rating on the stock and a $6 price target. The research firm remains optimistic about the company’s long-term prospects, buoyed by its rapid hash rate expansion and growth in the high-performance computing business.
A close-up of hands typing code to facilitate the exchange of Ethereum and Ethereum Classic.
The company has more than doubled its deployed hash rate in less than six months to 12.5 EH/s at its data center in Paraguay. Hive Digital management has already embarked on an ambitious plan to strengthen the hash rate to 18 EH/s by the end of August and 25 EH/s by November. The expansion positions it to ramp up bitcoin mining operations to capitalize on the soaring prices.
Hive Digital has also acquired a 7.2 MW data center in Toronto as it seeks to expand its high-performance computing capacity by 3.5 times. The expansion is expected to enhance the company’s annualized HPC revenues to approximately $100 million upon full deployment.
Initially focused on cryptocurrency mining, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is transitioning into the AI sector by leveraging its existing infrastructure of powerful servers. Its expertise in running high-performance computing infrastructure positions it to provide green infrastructure solutions for the AI revolution.
While we acknowledge the potential of HIVE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
