Hut 8’s AI data center deal is bigger than meets the eye: Benchmark lifts price target to $85

Shares of the bitcoin miner jumped higher last week on its $7 billion pact with Google-backed Fluidstack. What to know : Benchmark analyst Mark Palmer said Hut 8’s $7 billion, 15-year Fluidstack lease at River Bend underscores its shift toward institutional-grade digital infrastructure. Google’s payment backstop and expansion/renewal options could see the potential contract value rising to about $17.7 billion, according to Palmer. Palmer raised his Hut 8 price target to $85 from $78 and reiterated his buy rating on the stock.