HIVE Digital Technologies has had one of its best weeks of the year — up 18% on the week and 22% in a single session Tuesday — driven by a headline-grabbing pivot toward large-scale AI compute infrastructure in Canada.
The catalyst is concrete. HIVE announced plans for a $3.5B AI data centre facility in Canada, a bet that the company's power access and existing digital infrastructure can be redeployed well beyond Bitcoin mining. Cantor Fitzgerald moved quickly in response, maintaining its Overweight rating and raising its price target to C$4.60 on May 19 — essentially in line with where the stock closed that day at C$4.58. The proximity of the target to the current price suggests the Street is running to catch up rather than leading the rally.
The borrow market adds a sharper edge to this week's move. Availability has tightened dramatically — from roughly 24% two weeks ago to just 7% today — meaning the lending pool is close to fully committed. The 52-week low availability on record was 0.49%, hit in late April when the stock was materially lower; the current reading is heading back toward that territory as the rally accelerates. Cost to borrow remains relatively modest at 1.64%, up about 9% over the past month, so the squeeze is more about scarcity of available stock than punishing carry costs — for now. Short interest itself is a modest 2.9% of the free float, up nearly 48% over the past month in share terms, but that absolute level means this is a covering story rather than a classic high-SI squeeze.
The rally sharply diverges from most of HIVE's closest peers. BTBT fell 19.5% on the week. MSTR dropped 16%. RIOT lost 10.6%. Even MARA shed 7%. The outlier on the upside was CLSK — up 2.7% on the week and 12% on Tuesday alone — but HIVE's move still dwarfs the peer set. That divergence reflects the AI data centre angle pulling HIVE out of the pure crypto-mining bucket for now, attracting a different type of buyer.
The ORTEX short score is a fairly neutral 49.8, having barely moved over the past two weeks, which is notable context: the positioning signal hasn't shifted despite the stock's sharp move. Earnings land June 26, and the two most recent quarterly prints both saw the stock fall on the day — down 5.3% after February's report and 2.4% the prior quarter. Whether the AI infrastructure story changes that post-earnings pattern is the question that will define the next month.
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