We recently published a list of 10 AI News You Should Not Miss. In this article, we are going to take a look at where Bit Digital, Inc. (NASDAQ:BTBT) stands against other AI news you should not miss.
AI Growth Takes Center Stage in Trump’s Administration
While we are still in the first week of President Donald Trump’s second term, he has made several significant moves toward the development of AI. President Trump recently announced plans to fast-track the construction of power plants dedicated to AI under an emergency declaration, bypassing lengthy approval processes, as per CNBC.
Speaking at the World Economic Forum, he focused on flexibility in fuel use and suggested that coal as a backup source for emergencies. The move follows his declaration of a national energy emergency, aimed at accelerating energy infrastructure projects. Trump also unveiled Stargate, a joint venture with OpenAI, Oracle, and SoftBank, to invest heavily in AI infrastructure.
READ ALSO: 10 Important AI News on Investor Radars and 10 AI News You Should Definitely Take a Look At.
Transformative Potential of AI Across Industries
In an interview on CNBC’s ‘Squawk Box,’ Sasha Ostojic, venture partner at Playground Global discussed the current phase of AI development, emphasizing the focus on building infrastructure and tools necessary for future AI applications. He likened the U.S. government’s Stargate program and its $500 billion investment, to the Apollo program and noted its potential to drive economic activity and innovation.
Ostojic highlighted AI’s transformative potential in areas like healthcare, drug discovery, and finance as he envisioned a future where AI tools become widely accessible, similar to how smartphones made graphic design accessible to everyone. Regarding the recent changes in U.S. AI policy, Ostojic noted that while there is significant attention on AI safety and responsible development, the direction under President Trump’s administration remains unclear. He also acknowledged the growing competition from China’s AI advancements, which achieve efficiency with lower costs, and suggested that innovation will occur at both the high and low ends of the market.
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) provides cloud infrastructure services tailored for AI applications, in addition to its core business of digital asset staking and mining.
On January 24, Bit Digital, Inc. (NASDAQ:BTBT) announced a new agreement with a key customer to provide 58 Nvidia B200 servers with 464 GPUs for 18 months, generating approximately 15 million dollars in annual revenue. The contract replaces a prior deal involving 2,048 H100 GPUs and includes a two-month prepayment, with service fees deductible from a 30 million dollar non-refundable deposit already paid. Scheduled to begin on June 30, 2025, the GPUs will be deployed in Iceland. Bit Digital has ordered the servers for 21 million dollars, funded by cash and customer deposits, and will retain full ownership of the servers.
Overall, BTBT ranks 10th on our list of AI news you should not miss. 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 timeframe. 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.
