According to a research report by VanEck dated November 4th, affected by rising interest rates, tightening credit, and policy uncertainty, the stock prices of Bitcoin mining companies transitioning to AI data center infrastructure leasing fell by an average of about 35% in October, and have retreated by an average of about 62% from their 2026 highs. However, no cancellations have been reported among the signed lease contracts of the companies it tracks. VanEck believes that the market has not adequately differentiated between infrastructure lessors providing power and data center facilities and Neocloud companies that directly lease GPU computing power. The former typically have long-term leases of 10 to 20 years and relatively stable cash flow. Grid connection in the United States remains a major bottleneck for AI expansion, with only about 2% of the approximately 2,290 GW grid-connected capacity scheduled for 2025 expected to be commercially operational. [https://wublock123.com/news/vaneck-ai-data-center-mining-stocks-fall-35pct-underestimate-leases-71353]