[Digital Today reporter Chi-gyu Hwang (황치규)] Bitcoin mining companies are changing their business models toward AI and high-performance computing, but the share-price reaction to infrastructure contract announcements appears to be weakening.

Cointelegraph reported recently that contract size and profitability have grown, but investors are now looking more strictly at execution, fundraising and long-term profitability than at the announcements themselves.

Blocksbridge Consulting reviewed 25 AI and high-performance computing infrastructure contracts announced from June 2024 to August 2026. The average share-price increase on the day of early contract announcements was about 24 percent, but recent contracts saw about 10 percent. Over the same period, the median gain also fell by about half.

Contract economics, by contrast, improved. Annualised revenue per megawatt rose over time. That means profitability of AI hosting contracts increased, but as such deals became more common the market put more weight on delivery capability, fundraising and long-term profitability than on the total contract value, Cointelegraph said.

In practice, early large deals drew sharp share-price reactions. When Core Scientific announced its first CoreWeave hosting contract, its shares rose more than 40 percent. Applied Digital's shares also climbed about 49 percent when it said it had signed its first lease deal with CoreWeave. TeraWulf jumped nearly 60 percent when it announced its first contract with Fluidstack.

More recently, share gains after major contract announcements have fallen well short of earlier levels. After TeraWulf announced a 401-megawatt lease deal with Anthropic, its shares rose about 5 percent. After CleanSpark said it had signed a $6.6 billion AI hosting contract, its shares gained about 9 percent.