TLDR
- Leopold Aschenbrenner’s Situational Awareness LP opened a new position in HIVE, buying ~3.4 million shares in Q1 2026.
- HIVE’s subsidiary BUZZ HPC announced a 320 MW AI “gigafactory” in the Greater Toronto Area on May 18, backed by $58M in land acquisition and an estimated CAD $3.5B capital requirement.
- The stock surged 34% on the announcement day, eventually climbing over 50% from April lows to around $4.10.
- Cantor Fitzgerald raised its price target to $4.60 (from $3), maintaining Overweight; Northland Securities issued a fresh Buy rating.
- Eight analysts carry a consensus Strong Buy with an average price target of $6.75 — about 51% upside from current levels; the highest target on the street is $10.
HIVE Digital Technologies (HIVE) has had a busy few weeks. A high-profile hedge fund opened a new position, a major infrastructure deal dropped, and the stock went on a run that turned heads.
HIVE Digital Technologies Ltd., HIVE
On May 18, HIVE’s subsidiary BUZZ HPC unveiled plans for a 320-megawatt AI gigafactory in the Greater Toronto Area. The company acquired roughly 25 acres of land for $58 million to support the project.
At full build-out, the facility could host more than 100,000 GPUs. The estimated capital requirement is CAD $3.5 billion, with a target to come online in the second half of 2027.
The market didn’t wait around. HIVE stock climbed 34% by mid-morning on May 18, later touching $3.92 — a gain of roughly 45% from the May 15 close of $2.69.
The momentum held. By May 22, the stock closed near $4.10, marking a run of more than 50% from the April lows in the $2.24–$2.50 range.
Analysts Get Moving
The Toronto announcement triggered a wave of analyst activity. Cantor Fitzgerald raised its price target on HIVE to $4.60 from $3 on May 19, keeping an Overweight rating.
Analyst Brett Knoblauch pointed to expected compute shortages in 2026 and 2027 as a demand driver for HIVE’s infrastructure. He also noted that the revised target still doesn’t fully account for the 320 MW addition — meaning the upside case isn’t fully priced in.
Northland Securities issued a fresh Buy rating the same day.
Across eight analysts covering the stock, the consensus sits at Strong Buy. The average price target is $6.75, implying roughly 51% upside from current levels. The highest target on the street is $10.
New Money Coming In
On the institutional side, Leopold Aschenbrenner’s fund Situational Awareness LP disclosed a new position in HIVE in its Q1 2026 13F filing. The stake consists of close to 3.4 million shares.
Aschenbrenner, the former OpenAI researcher who launched Situational Awareness LP, is known for his views on AI infrastructure as a long-term investment theme.
HIVE’s GPU cloud infrastructure is scaling to 11,000 active units. Management is targeting an Annual Recurring Revenue run-rate of $225 million from its HPC operations.
The BUZZ HPC division is central to the bull case. It moves HIVE away from pure-play crypto exposure and toward a more stable, recurring revenue model built on enterprise AI compute demand.
HIVE operates data centers in Canada, Sweden, and Paraguay. The company trades on both the Nasdaq and TSX under the ticker HIVE.
Full-year 2026 financial results are due June 1, with an earnings call set for June 2.
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