Bit Digital Stock Climbs on Views for Higher Margins Following AI Contract
By Sabela Ojea
Shares of Bit Digital day climbed after the company said it expects to improve its margins after securing a new AI contract.
At 3:01 p.m. EDT on Monday, shares were up 8.7% at $2.25. The stock has, however, surged 272% since the year started, and 119% in the past 12 months.
The bitcoin mining company said the AI contract, with a three-year term exceeding $250 million of revenue, is expected to begin in January.
The customer of the contract is focused on developing AI applications, including their own proprietary large-language model, and is well-capitalized following a 2023 funding round, Bit Digital said.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
October 23, 2023 15:43 ET (19:43 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth