We recently published a list of 9 Trending AI News Updates on Wall Street’s Radar. In this article, we are going to take a look at where Bit Digital, Inc. (NASDAQ:BTBT) stands against other trending AI news updates on Wall Street’s radar.
Sarah Guo, founder of Conviction, spoke on Bloomberg Technology about the evolving AI space and the impact of open-source models. She noted that AI has developed rapidly since her firm launched, reinforcing its belief in its long-term significance. Initially, the firm invested in application companies and vertically integrated businesses, a strategy she believes remains relevant today. She pointed out that competition among foundation models has increased significantly in recent weeks.
Guo also discussed Deep Seek and described it as a powerful model with multiple layers, including a base model, an instruction-tuned version, and a reasoning model. While DeepSeek’s origins in a Chinese hedge fund surprised many, she sees its open-source nature as beneficial for developers and a challenge for the U.S. to stay competitive in AI. She also emphasized that no single country holds exclusive control over AI talent, making export restrictions less effective.
When the discussion shifted to investment trends, Guo explained that while AI is expanding economic opportunities across infrastructure, tooling, and model development, her firm prioritizes applications and industry-specific solutions. She noted that training large models remains costly, despite claims of lower expenses, and expects the most sustainable growth to come from application-focused companies.
Guo also discussed agentic AI and how it improves customer experiences in industries such as finance and travel. She explained that AI’s ability to handle more complex tasks increases its value to businesses, making applications that automate tasks more attractive. As AI continues to advance beyond simple responses, she expects companies working on industry-specific automation to capture significant market value.
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) is a Bitcoin mining company that also focuses on AI and HPC business.
On February 6, Bit Digital (NASDAQ:BTBT) announced that it rebranded its HPC business as WhiteFiber, Inc., which now includes its GPU Cloud and Enovum Data Centers operations. The move shows the company’s focus on meeting the growing demand for advanced, sustainable HPC and AI cloud infrastructure. WhiteFiber’s platform is designed to provide high performance, reliability, and efficiency for demanding workloads, while Bit Digital’s bitcoin mining and ETH staking businesses will continue under the original brand. CEO of Bit Digital, Sam Tabar said:
“Rebranding our HPC business to WhiteFiber is an important step in establishing a distinct identity for this transformative venture. WhiteFiber represents the convergence of cutting-edge technology and seamless connectivity, underscoring our commitment to delivering vertically integrated HPC solutions. By combining data center colocation with GPU cloud services, we provide the high-performance infrastructure required for the most demanding AI workloads. With this rebrand, we signal to our customers, partners, and investors that we are focused on building a platform of unmatched reliability, efficiency, and innovation. Our WhiteFiber business is currently servicing more than 20 customers compared to just 1 at the start of 2024. We look forward to expanding both our customer base and existing partnerships through industry-leading performance and reliability.”
Overall, BTBT ranks 6th on our list of trending AI news updates on Wall Street’s radar. 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.
