HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares are trading higher Monday after the company announced its subsidiary BUZZ High Performance Computing is advancing plans for a major AI infrastructure facility in the Greater Toronto Area with approximately 320 megawatts of utility capacity.
- Hive shares are powering higher. What’s behind HIVE gains?
Buzz Advances Planned AI Gigafactory In Toronto Area
The planned industrial-scale AI infrastructure facility, also referred to as an AI gigafactory, is expected to become one of Canada’s largest AI gigafactories and support more than 100,000 GPUs at full build-out.
Buzz acquired approximately 21 acres of land for $46 million, along with an adjacent four-acre parcel for $12 million. The combined site benefits from a 320 MW power allocation, according to the company.
The company said the project is targeted to come online in the second half of 2027 and is expected to involve approximately CAD $3.5 billion in capital investment. Buzz also said the project is expected to create more than 800 construction jobs and hundreds of permanent high-skill roles.
Frank Holmes, executive chairman of HIVE and Buzz, said the facility will deploy more than 100,000 GPUs at full build-out and create one of North America’s largest domestically controlled AI clusters.
President and CEO Aydin Kilic said HIVE now has more than 850 MW of power globally, including 450 MW of operating data centers and a 400 MW capacity pipeline expected to come online in 2027. Kilic also said the company currently has 5,500 GPUs online performing AI compute workloads.
Hive Shares Charge Higher
HIVE Price Action: At the time of publication, Hive shares are trading 40.52% higher at $3.78, according to data from Benzinga Pro.
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