AI Data Center Demand Remains Strong as Miners Pivot to HPC:

Although worries have been raised that the AI bubble may cool down, Wall Street sales of data centers are still active, particularly due to interest from Bitcoin miners and High Performance Computing developers. GPU-intensive data centers are attracting numerous creditworthy tenants at favorable rates.

Miners that have diversified their business by incorporating AI and/or HPC experience increased valuation multiples and easier access to capital. The M&A market is active as companies vie for megawatts, and sales prices for high-quality sites include the cost of electricity at $400,000-$550,000/MW.

Even "older" or "industrial" sites are now attracting interest, given that the owners of the assets are considering ways to divest or repurpose capacity for AI, HPC, and crypto customers. "The fundamental business dynamics remain strong, with tenants in place, good rates, and leasing activity",

Looking ahead, the landscape continues to be facilitative of 2026, and the trade in AI is very much alive and fueled by the demand for data center capacity and good deal pricing.

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