[DigitalToday reporter Jinju Hong (홍진주)] Shares of bitcoin (BTC) mining companies rose together on expectations of expanding artificial intelligence (AI) infrastructure.

Cointelegraph, a blockchain media outlet, reported on Monday that as Wall Street strength led by semiconductor stocks continued, miners with power-intensive infrastructure were back in focus as beneficiaries of demand for AI and high-performance computing (HPC).

By stock, TeraWulf rose as much as 17 percent intraday on news related to a Kentucky data centre acquisition site. Hut 8, IREN and Riot Platforms also gained more than 5 percent by the close. Investors reacted to signs these companies are not staying only in crypto mining, and are converting some power facilities and data centres for AI and HPC use.

Market sentiment was also favourable. The S&P 500 index rose above 7,500 to set a new record high, with information technology and semiconductors leading the gains. The Philadelphia Semiconductor Index, which reflects moves in major U.S. chip companies, rose 5.6 percent on the day and was up nearly 77 percent so far this year.

In this 흐름, the miners' business reshuffling is becoming clearer. The market sees securing stable power, as much as semiconductors, as a key bottleneck in expanding AI infrastructure. Bernstein pointed out in a recent report that 11 listed bitcoin miners hold power portfolios of about 27 gigawatts (GW) based on current and planned capacity. The figure was assessed as a resource that will become more important as AI data centre demand accelerates.

In the report, Bernstein saw the key constraint in expanding AI infrastructure shifting from being only in semiconductors to reliable access to power. It explained that miners that already have large-scale power and operating infrastructure could become strategic partners for hyperscalers and AI companies.

There are also actual examples of the shift. In a separate memo, Bernstein analysts mentioned such changes are already appearing among large miners and cited IREN as a representative case. IREN is shifting its centre of gravity from bitcoin mining toward AI infrastructure, and it was estimated that a recent contract with Microsoft (MS) could create an annualised revenue run rate of about $3.7 billion in its AI cloud infrastructure business.

Expectations of a more stable earnings structure are also behind the shift in how the market values miners. Investors see AI and HPC businesses as potentially more stable and more profitable than a single business of crypto mining. As a result, miners' power facilities and data centre assets are being re-rated not as simple mining capability but as a foundation that can absorb AI infrastructure demand.

The stock rebound this time is seen as being more strongly linked to the AI investment cycle than to the bitcoin price itself. The next point to watch is whether miners' large-scale power and data centre operating experience can translate into actual orders and long-term contracts.