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’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks