On July 31, Hut 8 Mining Corp rose 5.18% in pre-market trading, trading at $113.76/share, with turnover of $1.92 million. The rebound comes as the broader AI computing infrastructure sector strengthened, with peer IREN gaining 6.8% on the same day.

The move carries characteristics of an oversold recovery. From July 28 to 29, Hut 8 had cumulatively declined over 10% following a classic sell-the-news reaction after the Financial Times confirmed Nvidia as the tenant for the company's 1-gigawatt Beacon Point data center in Texas — news that had been substantially priced in since July 20 when Hut 8 announced a second 15-year, $9.8 billion lease with a high-investment-grade customer, sending shares up over 14% that day.

On the fundamental side, the company has locked in $19.6 billion in base contract value for the full Beacon Point campus, with renewal options potentially increasing total value to $50 billion over 30 years. Morgan Stanley initiated coverage with an Overweight rating on July 23. However, with earnings due August 4 and consensus EPS expected at -$0.47, near-term profitability pressure remains.

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