TeraWulf (WULF) jumped 13% Tuesday morning as the company unveiled plans for a new large-scale AI and high-performance computing (HPC) campus in Kentucky.
The company said it has acquired a hyperscale development site capable of supporting more than a gigawatt of AI and HPC infrastructure over time. The Muskie Data Campus is expected to provide an initial output of 500 megawatts starting in the second half of 2028, with an additional 500 megawatts targeted by 2030.
The company said the Kentucky project highlights how access to electricity and transportation infrastructure has become one of the key battlegrounds of the AI boom.
“The defining constraint in this market is no longer hardware,” Prager said. “It’s about electricity, transmission infrastructure and certainty of execution.”
The rally also followed broader strength in AI-related stocks, including Bitcoin miners who are increasingly repositioning themselves as operators of data centers and AI infrastructure. The sector has become one of the hottest sectors in crypto-related stocks over the past year, with investors betting that the massive power requirements of AI models could create a more lucrative long-term business beyond mining tokens.
Hut 8 (HUT) climbed 7%, while Keel Infrastructure (KEEL), formerly known as Bitfarms, rose 6.5%. IREN (IREN) gained almost 5% and Cipher Mining (CIFR) advanced 5.5%.
Memory chip maker Micron (MU) jumped 15% to new records above $870, as global investment bank UBS raised its target to $1,625 on strong AI demand for memory, while Advanced Micro Devices (AMD) gained 5%, also hitting new highs.
