Mining companies turn to AI and get cold: Wall Street is no longer paying for transformation stories

According to Woofun AI, Bitcoin miners are accelerating their transformation into the field of artificial intelligence, but Wall Street's enthusiasm for such narratives has waned drastically. As AI hosting services gradually become normalized, investors are no longer blindly pursuing infrastructure expansion, but are shifting to a strict scrutiny of execution efficiency and long-term profitability.

Looking back at the early days of market frenzy, the transformation story caused sharp fluctuations in stock prices. After Core Scientific (CORZ.US) signed an initial escrow agreement with CoreWeave, the stock price soared by more than 40%; Applied Digital (APLD.US) shares rose nearly 49% with the first CoreWeave lease agreement; TeraWulf (WULF.US)'s stock price soared nearly 60% due to its first Fluidstack business. Back then, the market valued the concept of cooperation more than actual benefits, and the signing of any leading AI company could trigger a capital frenzy.

Recently, however, the stock price response under large contracts has moderated, and profit logic has become a core variable. TeraWulf (WULF.US) signed a 401 megawatt lease agreement with Anthropic, with a slight increase of 5%; CleanSpark (CLSK.US)'s $6.6 billion AI hosting agreement led to a nearly 9% increase; Bitdeer (BTDR.US)'s new Tydal contract briefly boosted the stock price by 12%, but the increase completely rebounded at the close.

According to data compiled by Woofun AI, although the annualized revenue level of each MW contract project is on the rise, indicating that AI hosting contracts are profitable, investors pay more attention to the financing status and execution details rather than the apparent amount of the contract.

The correction in the macro index further confirms the overall cooling trend of the sector. Following the TheEnergyMag TEM AI Infrastructure Growth Index of AI data center and digital infrastructure listed companies, it fell by about 28.5% from the June peak.

Meanwhile, the Philadelphia Semiconductor Index retreated nearly 17% from its July peak. Even as demand for AI infrastructure remains strong, capital has moved from conceptual hype to careful evaluation, marking a rational reshuffle of the industry.