Bitcoin Miners Are Turning Into AI Landlords. These 3 Stocks Are Riding the Pivot

Former Bitcoin miners are quietly signing billion-dollar contracts with hyperscalers and frontier AI labs, and the reason has nothing to do with GPUs. Three mid-cap stocks are racing to claim the one bottleneck even NVIDIA cannot manufacture.

This edition covers GPU cloud and hosting capacity, and specifically the former Bitcoin miners repurposing power-advantaged sites into leased AI infrastructure. The bottleneck is secured megawatts, permitted land, and utility interconnects that take years to originate. Applied Digital’s management, on its most recent earnings call, framed the demand backdrop by citing hyperscaler annual CapEx reportedly rising from roughly $400 billion to $700 billion.

Three U.S.-listed miners have leaned into that shift by leasing capacity to hyperscalers and frontier labs. All three are speculative, high-volatility, mid-cap AI infrastructure names with heavy CapEx, dilution exposure, and customer concentration. Position sizing matters accordingly.

Applied Digital: CoreWeave’s Landlord Scales the Franchise

Applied Digital (NASDAQ:APLD) converts North Dakota power access into purpose-built AI factory campuses that it leases to hyperscalers. It houses the racks, cooling, and electrical plant. The tenant brings the GPUs. Market cap sits near $7.72 billion, and shares traded around $27.02 on Sept. 10, up more than 59% over the past year but down 3.88% year to date (YTD).