Sizable Cloud Deal; AI Business is Buzzing

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Sizable Cloud Deal; AI Business is Buzzing

AI Infrastructure

HIVE Digital Technologies Ltd. (HIVE)

EQUITY RESEARCH Company Update

June 18, 2026

Sizable Cloud Deal; AI Business is Buzzing Price: $4.17

Price Target: $8.00 (From $7.00)

Today (6/18) HIVE announced two notable developments that further advance

Rating: Overweight the company's transition toward AI infrastructure and HPC services. First, through

Key Statistics: its BUZZ HPC subsidiary, HIVE signed a three-year GPU cloud contract with a total

Symbol NASDAQ: HIVE value of approximately $220M involving Bell AI Fabric and Cohere. Separately, HIVE

52-Week Range 1.60 - 7.84 announced the acquisition of its long-operated 32 MW Big Boden data center in

Market Cap 115.2 Sweden, transitioning the facility from a leased-asset (since 2018) to an owned site.

ADV (3 mo) 22,630,034

With HIVE's facilities across Canada, Sweden, and Paraguay, it has AI capacity is EV ($M) 1,089

Shares Out (M) 267.4 multiple regions that we think could be quite attractive. With another cloud deal,

we believe investors should begin to think that HIVE's AI cloud business could be

Research Analysts: significantly larger than it is today. We are reiterating our OW rating and increasing

Brett Knoblauch, CFA our 12-mo PT to $8 (from $7) on higher AI cloud estimates.

212-610-2221

Brett.Knoblauch@cantor.com We view the Bell/Cohere announcement as the more immediately consequential

Gareth Gacetta development, representing a significant validation of HIVE's AI strategy and providing

212-915-1251 tangible evidence that the company can monetize the infrastructure investments

Gareth.Gacetta@cantor.com

underpinning its HPC business. The agreement calls for the deployment of 2,304 Nathan Frankovitz