Bit Digital Stock Climbs on Views for Higher Margins Following AI Contract
By Sabela Ojea
Shares of Bit Digital day climbed after the company said it expects to improve its margins after securing a new AI contract.
At 3:01 p.m. EDT on Monday, shares were up 8.7% at $2.25. The stock has, however, surged 272% since the year started, and 119% in the past 12 months.
The bitcoin mining company said the AI contract, with a three-year term exceeding $250 million of revenue, is expected to begin in January.
The customer of the contract is focused on developing AI applications, including their own proprietary large-language model, and is well-capitalized following a 2023 funding round, Bit Digital said.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
October 23, 2023 15:43 ET (19:43 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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