We recently published a list of 10 AI News You Should Definitely Take a Look At. In this article, we are going to take a look at where Bit Digital, Inc. (NASDAQ:BTBT) stands against other AI news you should definitely take a look at.
New AI Initiative Promises Jobs and Infrastructure Boost in the U.S.
President Trump announced a major investment initiative to advance artificial intelligence in the U.S., involving a joint venture called Stargate with OpenAI, SoftBank, Oracle, and the UAE’s MGX. Initially committing $100 billion, with potential growth of up to $500 billion over four years. The venture will focus on building large data centers, starting in Texas, and creating over 100,000 American jobs. The announcement was made at the White House, with SoftBank’s Masayoshi Son, OpenAI’s Sam Altman, and Larry Ellison in attendance.
The launch of the AI initiative has sparked a public dispute among major tech leaders. Elon Musk criticized OpenAI’s partnership with the project, questioned the financial backing of companies like SoftBank, and claimed they lack the necessary funds. Sam Altman of OpenAI quickly refuted Musk’s claim in a post on X.
READ ALSO: 10 AI News You Should Not Miss and 10 AI News Making Waves on Wall Street.
Additionally, CNBC reported that President Trump announced plans to fast-track the construction of power plants for artificial intelligence by using an emergency declaration. The plants would be exempt from climate targets and could use any fuel, including coal for backup power. The aim is to quickly meet the increasing energy demands of AI data centers, as power consumption is expected to rise significantly. While tech companies have focused on renewable energy, natural gas is expected to play a crucial role due to its reliability and faster deployment. Trump emphasized that the plants would connect directly to data centers, bypassing the traditional power grid.
For this article, we selected AI stocks by reviewing news articles, stock analysis, and press releases. We listed the stocks in ascending order of their hedge fund sentiment taken from Insider Monkey’s database of 900 hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
A team of technicians working on a server of bitcoin mining equipment in a data center.
Bit Digital, Inc. (NASDAQ:BTBT)
Number of Hedge Fund Holders: 6
Bit Digital, Inc. (NASDAQ:BTBT) offers cloud infrastructure services designed for AI applications, alongside its primary focus on digital asset staking and mining.
On January 21, Craig-Hallum initiated coverage on Bit Digital (NASDAQ:BTBT) with a Buy rating and a $6 price target. The firm highlighted Bit Digital’s acquisition of Enovum Datacenters and its move into GPUaaS as key steps in transforming the company into a more stable, cash-generating business. With its vertical integration in AI and HPC, the company is viewed as having significant untapped potential, as the market has yet to recognize its catalysts and the value of its assets. Craig-Hallum sees the company as a promising opportunity within the AI infrastructure sector, supported by its strategic changes and experienced management.
Overall, BTBT ranks 10th on our list of AI news you should definitely take a look at. While we acknowledge the potential of BTBT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BTBT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
