$79.420
-7.029 (-8.85%)At close
HUT News
HUT Events
Hut 8 Actively Responds to Texas Data Center Development Directive
Hut 8 affirmed its commitment to responsible data center development and welcomed the focus of the directive issued by Texas Gov. Greg Abbott to the Public Utility Commission of Texas and the Electric Reliability Council of Texas. The principles set forth in the directive are consistent with Hut 8's development model, which is grounded in responsible power and resource planning, proactive management of local impacts, and early engagement with regulators and other stakeholders. That model has been shaped by years of developing and operating large-scale infrastructure in Texas across both behind-the-meter and front-of-the-meter projects within ERCOT. Hut 8 has approximately 1.5 gigawatts of utility capacity across operational and development sites in Texas, including large-scale behind-the-meter projects at King Mountain and Vega. Beacon Point, the Company's AI data center campus under development in Nueces County, Texas, reflects the Company's focus on responsible execution: Hut 8 believes data center development must support the reliability of the local grid. Hut 8's design for Beacon Point incorporates battery systems designed to mitigate voltage impacts and support reliable integration with the Texas grid. Hut 8 designs its campuses so cooling does not compete with the water needs of local families, farms, and businesses. Beacon Point will use a closed-loop cooling system filled with water sourced from outside Nueces County, not from the local water supply. Hut 8 integrates community considerations into project planning from the outset with the aim of minimizing impacts on the surrounding community. At Beacon Point, the Company is proactively managing potential impacts through campus design, construction planning, and coordination with local authorities. Hut 8 engages regulators and communities early in the development process and incorporates their input into project planning and design. At Beacon Point, the Company has engaged with neighboring residents, local officials, educational institutions, and economic development organizations. Hut 8 participated in the PUCT's voluntary data center survey prior to the issuance of the Governor's directive and will continue to cooperate fully with the PUCT and ERCOT as their review proceeds. Asher Genoot, CEO of Hut 8, said: "We applaud Governor Abbott for setting a clear standard that data center development must strengthen Texas communities. Responsible growth requires developers to think beyond the data center to the grid that powers their projects, the local resources around them, and the communities that host them. That perspective has shaped how Hut 8 has built and operated in Texas since 2022, and we believe it will only grow in importance as the next generation of digital infrastructure is built across the state."
Hut 8 Reports Q2 Revenue of $74.93M, Below Consensus
Reports Q2 revenue $74.93M, consensus $79.97M. Asher Genoot, CEO of Hut 8, said: "In the second quarter, our power-first model drove significant commercial and financial milestones across our first two AI data center campuses. To date, it has produced data center leases representing 949 MW of contracted IT capacity, approximately $26.6 billion of expected aggregate base-term value leased or backstopped by investment-grade counterparties, more than $1.75 billion of expected average annual NOI, and $7.5 billion of investment-grade construction financing."
Federal Reserve Holds Rates Steady, Major Indices Drop Significantly
The major averages had a significantly lower finish after the Federal Reserve maintained interest rates. The central bank left the federal funds rate unchanged at 3.50%-3.75%, though three Fed members voted to raise rates by a quarter point. Commenting on the news, Fed Chair Kevin Warsh said that FOMC discussions were "collegial and constructive," adding that inflation issues "cannot be cured in nine weeks." All three major indices ended the trading day at their lowest points, with each down at least 1.5%.Meanwhile, oil prices rose after President Donald Trump told a Fox News reporter that the U.S. will be hitting Iran "hard" in response to recent surprise attacks in the region. The news comes after U.S. Central Command said in a post on X, formerly Twitter, that Islamic Revolutionary Guard Corps forces launched "multiple ballistic missiles in an attempted surprise attack on U.S. forces based in the Middle East." CENTCOM noted that the missiles were successfully intercepted.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Fordprovided areport for Q2Procter & Gamblereportedand provided its core EPS outlook for FY27Seagatereportedand provided guidance for Q1 and FY27CBIZagreed to befor $5BThe Federal Reserve left theat 3.50%-3.75%2. WALL STREET CALLS:Caterpillarat Baird amid growing trend towards regulatory action at targeting data centersCitiFordto Buy on improving momentumCheesecake Factoryto Hold at Jefferies and upgraded to Equal Weight at Morgan StanleyBloom Energyto Buy at Clear Street after pullbackGoldman SachsGeminito Sell, sees a challenging path to profitability3. AROUND THE WEB:Shelland Phillips 66are working on a potential sale of their stakes in the company which owns the Explorer refined products pipeline, Reuters reportsDisneyis dropping GitHub Copilot for OpenAI, Insider reportsUnileverhas agreed to protect employment terms for workers in its European food business for two years following the completion of its merger with McCormickin 2027, Reuters saysNvidiahas signed leases worth up to $50B for a 1GW Texas data center being developed by Hut 8, underscoring its growing role in financing AI infrastructure and securing long-term computing capacity, FT reportsMetaCEO Mark Zuckerberg, in an opinion piece in The Wall Street Journal, argues that the coming era of superintelligence should focus on empowering individuals rather than concentrating AI power in a small number of governments or companies4. MOVERS:Verra Mobilityincreased afterwith Avis BudgetNeoGenomicswas higher afterand raising its revenue guidanceAvantorand ExlServicegained afterParsonsfell afterand lowering its guidance for FY26Bandwidthand Lemonadewere lower after5. EARNINGS/GUIDANCE:Humanareportedand reiterated its FY26 outlookSoFi Technologies, with EPS and revenue beating consensusJohnson Controls, provided guidance for Q4, and raising its outlook for FY26Garrett Motion, with CEO Olivier Rabiller calling it "a strong second quarter"Lennoxand cut its guidance for FY26INDEXES:The Dow fell 1,153.18, or 2.19%, to 51,594.14, the Nasdaq lost 433.97, or 1.74%, to 24,442.94, and the S&P 500 declined 112.63, or 1.52%, to 7,316.15.
Nvidia Signs Leases Worth Up to $50B for Data Center
Catch up on the top artificial intelligence news and commentary by Wall Street analysts on publicly traded companies in the space with this daily recap compiled by The Fly.BLACKWELL CHIPS:Chinese AI startup Moonshot is seeking access to more NvidiaBlackwell chips to prepare for Kimi K4's development, after training K3 on Nvidia chips, including Blackwell, The Information.DATA CENTER:Nvidiahas signed leases worth up to $50B for a 1GW Texas data center being developed by Hut 8, underscoring its growing role in financing AI infrastructure and securing long-term computing capacity, The Financial Times' Ryan McMorrow and Michelle Chan, citing people familiar with the matter.EMPOWER INDIVIDUALS:MetaCEO Mark Zuckerberg, in anin The Wall Street Journal, argues that the coming era of superintelligence should focus on empowering individuals rather than concentrating AI power in a small number of governments or companies. He contends that AI will drive innovation, prosperity, and personal freedom more than job displacement, and that broad public access to powerful AI is both the best way to maximize its benefits and a safeguard against excessive centralized control.AI ANALOG CYCLE:Arete upgraded Texas Instrumentsto Buy from Neutral with a $405 price target. The firm says the pull on supply from AI demand could drive three years of analog semiconductor shortages. Texas Instruments is one of the most prepared from a capacity standpoint, which will drive "material" share gains this cycle, Arete tells investors in a research note. The firm thinks the company can grow revenue to $34B in fiscal 2028 with $17 in earnings per share.AI SPENDING BENEFICIARY:Scotiabank lowered the firm's price target on Microsoftto $470 from $550, while keeping an Outperform rating on the shares. The firm believes Microsoft shares may be pressured in the near-term, but believes the stock continues to look attractive. Additionally, the company is a clear AI spending beneficiary and will likely see durable long-term AI monetization from Copilot and Azure, Scotiabank adds.AWS AGREEMENT:Recursive, an AI company building recursive self-improving superintelligence to automate knowledge discovery, announced a multi-year, $410M agreement with Amazon Web Servicesto run its automated AI research system on AWS as its cloud provider. "Partnering with AWS gives us the infrastructure to run self-improving AI research at a scale very few teams in the world are capable of," said Richard Socher, CEO and co-founder of Recursive. "We've already shown our automated AI research system can outperform years of human optimization. As our research loops run autonomously, that advantage will compound. We're excited to partner with AWS and make our system and its infrastructure the fastest at invention generation."
Dow Jones Drops 874.35 Points as Oil Prices Surge
The major averages were sharply lower near noon, with the Dow shredding more than 800 points as oil prices surge ahead of the Federal Reserve's upcoming interest rate decision. Meanwhile, chip stocks are extending their decline ahead of a round of big tech earnings that could potentially shape market direction through the remainder of the summer.The Federal Reserve concludes its two-day policy meeting this afternoon, with markets expecting policymakers to leave the benchmark federal funds rate unchanged. The primary focus will be Fed Chair Kevin Warsh's post-meeting press conference for clues on how the central bank views inflation, economic growth and the path of interest rates.Oil prices are extending gains after President Donald Trump told a Fox News reporter that the U.S. will be hitting Iran "hard" in response to recent surprise attacks in the region. The news comes after U.S. Central Command said in a post on X, formerly Twitter, that Islamic Revolutionary Guard Corps forces launched "multiple ballistic missiles in an attempted surprise attack on U.S. forces based in the Middle East." CENTCOM noted that the missiles were successfully intercepted.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Fordprovided areport for Q2Procter & Gamblereportedand provided its core EPS outlook for FY27Seagatereportedand provided guidance for Q1 and FY27Humanareportedand reiterated its FY26 outlookCBIZagreed to befor $5B2. WALL STREET CALLS:Caterpillarat Baird amid growing trend towards regulatory action at targeting data centersCitiFordto Buy on improving momentumCheesecake Factoryto Hold at Jefferies and upgraded to Equal Weight at Morgan StanleyBloom Energyto Buy at Clear Street after pullbackGoldman SachsGeminito Sell, sees a challenging path to profitability3. AROUND THE WEB:Unileverhas agreed to protect employment terms for workers in its European food business for two years following the completion of its merger with McCormickin 2027, Reuters saysCTFN is reporting that GFL Environmental'ssales process has been "very competitive," with at least six private equity groups having submitted takeover proposals, contacts tell The FlyWhile Sonyis set to be a major beneficiary of the launch of Take-Two's"Grand Theft Auto VI," it comes as the company grapples with increasing memory chip prices, Reuters saysNvidiahas signed leases worth up to $50B for a 1GW Texas data center being developed by Hut 8, underscoring its growing role in financing AI infrastructure and securing long-term computing capacity, FT reportsMetaCEO Mark Zuckerberg, in an opinion piece in The Wall Street Journal, argues that the coming era of superintelligence should focus on empowering individuals rather than concentrating AI power in a small number of governments or companies4. MOVERS:Verra Mobilityincreases after reaching awith Avis BudgetNeoGenomicshigher afterand raising its revenue guidanceAvantorand ExlServicegains afterParsonsfalls afterand lowering its guidance for FY26Bandwidthand Lemonadelower after5. EARNINGS/GUIDANCE:SoFi Technologieswith EPS and revenue beating consensusJohnson Controls, provided guidance for Q4, and raising its outlook for FY26Garrett Motion, with CEO Olivier Rabiller calling it "a strong second quarter"Lennoxand cut its guidance for FY26Cognizant, with its CEO commenting that "organic revenue growth momentum continued in the second quarter and was at the high end of our expectations"INDEXES:Near midday, the Dow was down 874.35, or 1.66%, to 51,872.97, the Nasdaq was down 339.00, or 1.36%, to 24,537.91, and the S&P 500 was down 69.26, or 0.93%, to 7,359.52.
This page is for research only and is not investment advice. Models can be wrong. Past performance does not guarantee future results.