TeraWulf (WULF) soared 13% early Tuesday as the company announced plans to build a new large-scale AI and high-performance computing (HPC) campus in Kentucky.
The company said it has acquired a hyperscale development site that can support over 1 gigawatt of AI and HPC infrastructure over time. The so-called Muskie Data Campus is targeted to deliver an initial 500 megawatts in late 2028, with an additional 500 megawatts by 2030.
The company said the Kentucky project highlights how access to power and transmission infrastructure is becoming one of the key battlegrounds for the AI boom.
“The critical constraint in this market is no longer computing hardware,” Prager said. “It’s the power, the transmission infrastructure, and the certainty of execution.”
The rally also tracked broader strength in AI-related stocks, including Bitcoin miners, which are repositioning themselves as operators of data centers and AI infrastructure. The sector has been one of the hottest corners of cryptocurrency stocks over the past year, as investors bet that the massive power demands of AI models will create a more profitable long-term business line beyond mining tokens.
Hut8 (HUT) rose 7%, while Keel Infrastructure (KEEL), formerly known as BitFarms, rose 6.5%. IREN (IREN) rose nearly 5% and Cipher Mining (CIFR) rose 5.5%.
Memory chip maker Micron (MU) rose 15% to a new all-time high of more than $870. Global investment bank UBS raised its target to $1,625, citing strong demand for AI memory, and Advanced Micro Devices (AMD) also rose 5%, hitting a new all-time high.
