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HIVE Earnings Highlight AI Ambitions Beyond Bitcoin Mining
Written by Chris Markoch. Article Posted: 6/3/2026.
Key Points
- HIVE grew fiscal 2026 revenue by 158%, supported by higher Bitcoin mining capacity and expansion in Paraguay.
- The company is betting on AI infrastructure, targeting $660 million in annual recurring revenue by 2028.
- Bitcoin mining margins remain under pressure, making the success of HIVE's AI pivot increasingly important for investors.
- Special Report: Elon Musk already made me a “wealthy man”
HIVE Digital Technologies (NASDAQ: HIVE) gave investors a report that, at first glance, supports its bitcoin mining to high-performance computing (HPC) pivot. For its full fiscal year 2026, the company generated revenue of $297.80 million, up 158% year over year. The increase was largely driven by higher Bitcoin mining hashrate and the first full year of contributions from its massive Paraguay expansion.
HIVE is not profitable yet, so revenue remains the main story. But it wasn’t the only highlight in the report. The company’s gross operating margin expanded from 22% to 36%, and adjusted EBITDA reached $72.90 million.
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Amazon, Google, Meta, and Microsoft have committed $700 billion to AI infrastructure this year - more capital than the entire dot-com buildout.
Analyst Chris Rowe has spent 30 years tracking institutional money and has identified a handful of small tech companies he believes are positioned directly in the path of this spend - the under-the-radar names supplying chips, software, networking, and power.
See the tickers Chris Rowe has identified before the window closesAt first glance, investors were encouraged. HIVE was up 2.5% in early trading the morning after the report.
However, the earnings report also comes at a time when Bitcoin (BTC) is in a slump. In fact, in early June, the price of BTC dipped below $70,000. That’s well below the highs of late 2024.
More importantly, it’s uncomfortably close to what analysts estimate is the average breakeven cost for publicly listed Bitcoin miners.
The Bitcoin Problem Hasn't Gone Away
Any analysis of HIVE’s earnings report and future prospects has to include the impact of Bitcoin pricing. The company’s full-year 2026 financials were supported by a mostly favorable BTC price environment. For the full fiscal year, the average price of Bitcoin was $98,040.
However, in Q4, the BTC price slid into the mid-$70s, and it showed up in the quarterly numbers. HIVE’s adjusted EBITDA swung to negative $9 million, gross operating margin dropped to 24%, and Bitcoin mining revenue fell 23.9% from the prior quarter.
To be clear, this isn’t a problem isolated to HIVE. The April 2024 halving cut block rewards in half, and the global network hashrate has continued to expand regardless, meaning every Bitcoin miner is competing for a shrinking pool of newly issued coins.
Data from CoinShares indicates the average cost to mine one Bitcoin among listed miners reached roughly $80,000 in late 2025. With Bitcoin currently hovering below $75,000 at the time of writing, the margin for error has essentially evaporated.
HIVE isn’t ignoring the issue. The company is working to diversify away from pure mining dependence. But the pace and scale of that pivot are where investors need to focus their scrutiny.
HIVE's AI Infrastructure Strategy Takes Center Stage
The centerpiece of HIVE's growth story is its BUZZ High Performance Computing division and a stated pathway to $660 million in annualized recurring revenue (ARR) by year-end 2028. That would represent more than double the $297.8 million in total revenue the company just reported for its best year ever.
The plan rests heavily on a 320-megawatt AI "Gigafactory" announced in May 2026 in the Greater Toronto Area. It has been described as the largest planned AI infrastructure project under private ownership in Canada. At full build-out, the facility is designed to host more than 100,000 NVIDIA GPUs, and at peer-comparable Tier-III colocation pricing, the company estimates it would generate roughly $360 million in ARR on its own.
Add in the company’s GPU cloud business—which HIVE plans to scale from around 5,500 GPUs today to 11,000 by year-end 2026, targeting $140 million in AI Cloud ARR—and the math to $660 million starts to take shape.
Will $660 Million in ARR Translate Into Profits?
But the larger question is whether $660 million in ARR means HIVE will be profitable.
Not necessarily. The company already posted a GAAP net loss of $148.4 million in fiscal 2026—a year in which it grew revenue by 158%. Management correctly notes that approximately $221 million of that loss was non-cash, largely from depreciation on its rapidly expanding asset base. Strip those out, and the underlying cash generation looks healthier.
Plus, the GTA site alone carries a projected construction cost of CAD $3.5 billion, to be built out through 2027, a significant capital expenditure. G&A costs have already nearly doubled year over year as HIVE staffs up its operations. The path to $660 million in ARR is paved with substantial capital requirements, and investors should not assume that revenue scale alone closes the profitability gap without seeing how the financing structure evolves.
That said, the earnings report showed that HIVE can win good-quality contracts. Its first NVIDIA (NASDAQ: NVDA) B200 GPU cluster, deployed at Bell Canada's Tier-III facility in Manitoba, went live at $2.90 per GPU-hour. That was 32% above the initial planning rate of $2.20. That pricing discipline, if repeatable, can have a meaningful impact on the company’s unit economics.
The Competition Shows What "Going All-In" Looks Like
HIVE is not operating in a vacuum. The broader Bitcoin mining sector has shifted decisively toward AI infrastructure, and some of HIVE's competitors are moving faster and with more institutional firepower.
IREN Limited (NYSE: IREN) is the most instructive comparison. Three years ago, it was a mid-tier Bitcoin miner; today, it has a $3.4 billion, five-year AI cloud contract with NVIDIA, a partnership with Microsoft Corp. (NASDAQ: MSFT), and is targeting 480 megawatts of AI cloud capacity and 150,000 GPUs by the end of 2026. And the company’s doing all of that while actively winding down its Bitcoin mining business.
HIVE, by contrast, is running what it calls a "dual-engine" model. That is, it’s keeping its Bitcoin mining operations intact as a cash-flow generator while building out the AI side. There are real arguments for this approach: Bitcoin mining can return capital in one to three years and provides operating cash that funds the AI buildout without full dependence on external financing.
But the dual-engine model also means HIVE's story is harder to tell at a moment when investors are rewarding pure-play AI infrastructure narratives. As long as Bitcoin remains a meaningful portion of HIVE's revenue mix, its valuation will carry crypto-market volatility as a permanent feature.
Technical Momentum Meets Fundamental Uncertainty
The HIVE Digital Technologies analyst forecasts on MarketBeat give HIVE a consensus price target of $6.31. That’s an impressive 40% upside as of June 3 prices. However, that comes from just nine analysts and appears to be overweighted by a single $10 price target from Canaccord Genuity Group.
As for getting involved with HIVE, the chart structure has genuinely improved. The trend has reversed, momentum is strong, and the SMA has turned. But the stock is extended in the short term, and it's walking into overhead resistance from the November selloff. Earnings today—happening right at this technically charged level—make this a high-conviction moment in either direction.
Berkshire Sells Visa, Domino's, and Pool Corp: Should You Follow?
Written by Dan Schmidt. Article Posted: 5/26/2026.
Key Points
- Berkshire Hathaway's first 13F under CEO Greg Abel shows the company exited 16 positions totaling $8.1 billion, its largest net equity sale since Q3 2024.
- Abel's portfolio now holds just 26 stocks with a record $397 billion cash position, signaling a view that the broader market is currently overvalued.
- Exits from Domino's Pizza and Pool Corp. reflect deteriorating fundamentals and macro headwinds, while the Visa sale appears tied to unwinding departed investor Todd Combs' book.
- Special Report: Elon Musk already made me a “wealthy man”
The torch has officially been passed. On May 15, Berkshire Hathaway (NYSE: BRK.A) released its first Form 13F under new CEO Greg Abel, marking the first time in more than 60 years that Warren Buffett’s name did not appear on the filing. Abel’s tenure began when the 95-year-old Buffett officially stepped down on Jan. 1, and the new CEO’s first 13F reveals an equity book that is shrinking and a cash pile that is growing. Berkshire fully exited 16 different positions totaling $8.1 billion, its largest net equity sale since Q3 2024. Is this a continuation of Buffett’s value-centric approach, or a new CEO flexing his muscles? A few clues emerge when breaking down the filing.
What Greg Abel’s First Quarter as CEO Says About Berkshire’s Strategy
In many ways, Abel’s first 13F showed that Berkshire remains focused on patiently waiting for bargains. The company’s equity book now holds just 26 stocks, down from more than 40 last year, and its cash position sits at a record $397 billion. A few points stand out:
-
The $700 billion buy signal most investors are completely ignoring (Ad)
Amazon, Google, Meta, and Microsoft have committed $700 billion to AI infrastructure this year - more capital than the entire dot-com buildout.
Analyst Chris Rowe has spent 30 years tracking institutional money and has identified a handful of small tech companies he believes are positioned directly in the path of this spend - the under-the-radar names supplying chips, software, networking, and power.
See the tickers Chris Rowe has identified before the window closesHigher Concentration: Abel’s equity book is smaller and includes several high-conviction bets, including moving Alphabet Inc. (NASDAQ: GOOGL) into a top seven position. Buffett was famous for avoiding expensive tech stocks, so this suggests Abel is more willing to swing big when he sees an opportunity, even if it departs from traditional value metrics.
Value Still the Overwhelming Focus: Abel deployed capital into multiple beaten-down stocks trading at discounts to their average value, including Delta Air Lines Inc. (NYSE: DAL) and Macy’s Inc. (NYSE: M). Investments like these show that valuation remains the backbone of the Berkshire portfolio.
Unwinding the Combs Book: One of Berkshire’s top investors, Todd Combs, left for JPMorgan late last year, and many of the positions closed out in Q1 had been opened by him. Closing out Combs’ book was clearly a priority for Abel, who now controls more than 90% of Berkshire’s trading.
Analyzing 3 Berkshire Stock Sales From the Latest 13F
The biggest theme emerging from Abel’s filing is that Berkshire sees the market as overvalued and is raising cash. Many of the stocks sold in Q1 no longer fit the tight valuation profile Berkshire seeks in its holdings, so capital will remain in Treasuries until discounts like those in Delta or Macy’s materialize.
Visa: Strong Fundamentals Point to Likely Philosophical Exit
Visa Inc. (NYSE: V) looks like the type of company Berkshire would target in the current environment: it is trading below its 10-year average forward P/E following an exceptional quarter. The company reported revenue of more than $11.2 billion in fiscal Q2 2026, up 17% year-over-year (YOY). EPS rose 20% YOY, and both figures easily surpassed analysts’ estimates. Management also raised full-year revenue and EPS guidance.
Abel’s exit from Visa shares looks more like a cleanup of Combs’ equity book than a shift in Berkshire’s fundamental outlook. The company reported its strongest quarter in years, and the daily chart shows several bullish technical signals, including a breakout on the Moving Average Convergence Divergence (MACD) indicator. If the price breaks resistance at the 200-day moving average, there could be additional gains ahead.
Domino’s Pizza: Fundamental Growth Story Under Pressure
This is one case where the exit aligns with deteriorating fundamentals. Berkshire opened a position in Domino’s Pizza Inc. (NASDAQ: DPZ) in 2024, and the quick exit after a disappointing pair of quarters points to a change in the individual company thesis rather than a broader strategy shift. In Q4 2025, management set a same-store sales goal of 3% for 2026 and guided for 2.3% in Q1. But in the numbers released during the Q1 2026 conference call on April 27, U.S. same-store sales grew just 0.9%, and international same-store sales actually declined 0.4%. CEO Russell Weiner was forced to revise Domino’s 2026 same-store sales outlook down to the low single digits amid the threat of reduced low-income consumer spending.
The chart also paints an ugly picture. DPZ shares are down nearly 25% so far in 2026, and there is no bottom in sight. The price has faced stiff resistance at the 50-day moving average, dragging shares lower over the past six months. The Relative Strength Index (RSI) is also struggling to get out of bearish territory, so the technicals match the fundamentals at Domino’s. Abel’s decision to exit this position looks shrewd in retrospect.
Pool Corp: Housing Uncertainty Stifles Business Outlook
Pool Corp. (NASDAQ: POOL) is also facing serious headwinds, though the biggest challenge is beyond management’s control. The company’s growth prospects rely on a healthy housing market and stronger new construction spending, both of which have been stymied by persistent inflation and high interest rates. The Q1 2026 earnings report was solid but unspectacular, with net sales growing 6% YOY but coming in below expectations. Most of that growth came from price increases, and the company installed just 58,000 pools in 2025, well below the 75,000 to 100,000 range seen during the post-COVID-19 peak.
Until rates move lower, it is unlikely POOL shares will break out of this bearish momentum. The stock has already had two failed breakouts at the 50-day moving average this year, and the MACD flashed a bearish crossover last month, hinting at more downside ahead. Macro conditions are weighing heavily on the stock, and that is a variable Abel wants out of the Berkshire portfolio.
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