Why Smart Money Is Pivoting From Tech Chips to Power Infrastructure

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NEW YORK, June 25, 2026 /CNW/ -- The market has already priced AI software and chips. The real story is power: who owns it, where it sits and how cheaply it can be delivered to AI workloads at scale. In May 2026, Bitzero Holdings Inc. (AIBZ) signed a binding letter for a 15-year lease with OneQode for the entire 110 megawatts at its Namsskogan, Norway data center site. Total contracted revenue runs approximately $2.6 billion.  Companies mentioned in today's commentary includes:  Bitzero Holdings Inc.  (AIBZ), Taiwan Semiconductor Manufacturing Co. (NYSE: TSM), ASML Holding N.V. (NASDAQ: ASML), Palo Alto Networks, Inc. (NASDAQ: PANW), Dell Technologies Inc. (NYSE: DELL), Meta Platforms, Inc. (NASDAQ: META).

The lease converts Bitzero from a Bitcoin miner into a contracted AI infrastructure operator with long-duration recurring revenue, and validates years of work building cheap, renewable, scalable power capacity in a tier-one EU jurisdiction. This is the kind of deal that drove multi-billion dollar valuations for TeraWulf, Hut 8 and Core Scientific. Bitzero still trades at a market cap of roughly $130 million.

The Infrastructure Crisis

The bottleneck is supply, not demand. Utility companies quote two-to-four-year wait times for feasibility studies alone, and sites without existing transmission connections are often turned down outright. A proposed $12 billion data center in St. Joseph County, Indiana, was rejected by local planners in September 2025 over land use, water, tax impacts and safety risks. Norway has gone further, capping new entrants without existing infrastructure at 5 megawatts, barely enough for a small mining operation.

A single ChatGPT query consumes 10 times the energy of a Google search. According to Goldman Sachs Research, global data center power use is on track to jump about 50% by 2027 and could surge up to 165% by decade's end. Companies that already own their power connections, like BitZero, hold assets that are difficult to replicate.

What AI Hyperscalers Need

AI companies need a specific combination of factors that has become increasingly rare: Megawatt-scale power, available immediately. Hyperscalers need 100 megawatts or more, online within months.

• Renewable energy. Microsoft, Google and Amazon have pledged 100% renewable power, which is scarce at scale. Low-latency connectivity. AI workloads need fiber infrastructure for massive data transfers, ruling out remote sites.
• Cool climates. Lower ambient temperatures cut cooling costs, giving Nordic sites an edge.
• Political stability and data regulations. Hyperscalers need stable jurisdictions with data sovereignty protections for sensitive training data.

Almost no location checks every box, and the few that do are already taken or face multi-year waitlists. The OneQode binding letter is confirmation that BitZero already meets them: a 110 megawatt, 15-year, $2.6 billion commitment to a Norwegian site doesn't happen otherwise.

BitZero's Advantage: It Owns the Power Itself

BitZero (AIBZ) owns and controls its own power infrastructure as a licensed grid operator in Norway, bypassing utilities entirely and eliminating competition for grid capacity. Being a grid operator at the 132 kV level means BitZero has eliminated the fees, middlemen and bureaucracy competitors face. It owns its high-voltage feed lines, connects directly to hydroelectric plants and operates its own substations, so expansion means working with the power plant directly instead of waiting years for utility approval.

Combined with Norway's hydroelectric power, this brings Bitzero's all-in electricity cost, including grid fees and taxes, to roughly 3 to 4 cents per kilowatt-hour, against 8 to 12 cents for traditional operators. That drives a Bitcoin mining breakeven near $50,000 per coin, about half the industry average, and AI-side pricing that competitors struggle to match.

BitZero's power isn't subject to grid curtailment, and its 100% hydroelectric supply means no exposure to gas price spikes or carbon regulations, both critical for AI companies' multi-year commitments.

The OneQode Deal: $2.6 Billion of Contracted AI Revenue

The binding letter with OneQode Networks Pte. Ltd. covers the entire 110 megawatts at Namsskogan for 15 years, with implied annual revenue of roughly $178 million at full capacity and an 85% margin. OneQode is deploying GPU clusters for enterprise AI and large language model training, with commissioning targeted for the first half of 2027 and the lease running through 2042.

Bitzero generates roughly $25 million in trailing twelve-month revenue from Bitcoin mining today. Once OneQode commences, total pro forma revenue runs to approximately $203 million, an eightfold increase. Per CoinShares Q1 2026 research, miners with secured HPC contracts also trade at roughly 12.3 times forward sales, compared with 5.9 times for pure-play miners.

The 85% margin is rich because Bitzero is the landlord, not the operator: OneQode pays for power on top of the lease, runs the GPUs and takes the technology risk, while Bitzero collects rent on infrastructure it already owns and powers at industry-low rates.

The buildout to convert the site to HPC-grade specifications runs roughly $1.1 billion. Bitzero is in late-stage discussions with banks for debt financing. The deal is binding but subject to definitive documentation, which management has indicated could close within 60 to 90 days.

Four Strategic Sites: Over 1GW of Secured, AI-Ready Capacity

BitZero controls over 1 gigawatt of potential capacity across four locations. Each addresses a different segment of the AI infrastructure market.

Norway (Namsskogan): The OneQode Site

Bitzero's Norway flagship holds the 110 megawatts committed to OneQode. Mining continues there until the HPC buildout begins, with commissioning targeted for the first half of 2027.

Finland (Pori): The Next Leg

Bitzero's Finnish site spans nearly 1 million square meters with staged capacity up to 1 gigawatt, powered entirely by renewable nuclear, hydro, wind and solar. Pori sits on the Gulf of Bothnia with direct fiber access, a skilled workforce and EU data protections. With Norway committed to OneQode, Bitzero has retained CBRE to market Pori to hyperscale tenants.

Second Norway Site (Røyrvik): Strategic Expansion Capacity

BitZero has secured 20MW of hydroelectric-powered capacity near high-voltage infrastructure, with expansion potential beyond that, providing flexible capacity for specialized AI workloads near its established Norwegian operations.

North Dakota (Nekoma Pyramid): The Security Play

This 184-acre property includes the former Stanley R. Mickelsen Safeguard Complex, a Cold War-era missile defense facility with 225,000 square feet of EMP-proof, nuclear-hardened bunker space. It offers 3MW of available power, expandable to 30MW within six months, for defense contractors and other security-sensitive AI customers. Across the four sites, BitZero controls over 1 gigawatt of secured renewable power. One is now under contract; three more are next.

Bitcoin Mining: The Profitable Bridge

Most early-stage infrastructure plays burn investor capital for years before signing their first tenant. Bitzero generates revenue today. BitZero mines Bitcoin at 3 to 4 cents per kilowatt-hour, with an all-in cost of about $50,000 per coin against a roughly $100,000 industry average. The Norway operation generates approximately $1 million in monthly EBITDA and keeps running until the OneQode buildout begins.

Mining serves three purposes: it proves the infrastructure works at scale, generates revenue immediately while competitors burn capital waiting for power allocations, and gives BitZero the optionality to shift capacity between mining and AI hosting depending on which is more profitable.

The Valuation Gap

Bitzero's pro forma revenue profile, once the OneQode lease commences, would put it in the same conversation as Bitcoin mining and HPC infrastructure names that already trade at multi-billion dollar market caps.

IREN Limited (IREN) trades above $22 billion, and TeraWulf (WULF) and Hut 8 (HUT) both sit above $13 billion; Cipher Mining (CIFR) is north of $10 billion. Each built its valuation on the same thesis Bitzero is now executing: owned power infrastructure plus a credible long-duration HPC contract.

At the time of writing, Bitzero trades at a market cap of roughly $339 million, about 1% of IREN's, despite more than 1 gigawatt of secured capacity, the $2.6 billion OneQode lease and profitable Bitcoin mining.

Phoenix Group, the Bitcoin miner ranked tenth globally by market cap, holds a 20.8% stake in Bitzero and a board seat. Kevin O'Leary is on the cap table, and the proposed board includes veterans from Credit Suisse and JPMorgan. As of June 9, 2026, Bitzero trades on the Nasdaq Stock Market under the ticker AIBZ.

Other companies to keep an eye on:

Every GPU NVIDIA ships, every custom AI accelerator Amazon designs, every chip Apple puts in a MacBook -- Taiwan Semiconductor Manufacturing Co. (TSM) makes them all. That makes it the most important company in AI infrastructure that most energy investors aren't watching closely enough. The world's largest contract chipmaker reported Q1 2026 revenue of $35.9 billion, up 35% year over year, with profit rising 58% and gross margin expanding to 66.2%. High-performance computing  accounted for 61% of total revenue.

TSMC has raised its full-year 2026 revenue growth outlook to more than 30% in U.S. dollar terms and is guiding capital expenditure toward the upper end of its $52 to $56 billion range for the year. Management projects AI chip revenue will grow by more than 50% annually through 2029.

ASML Holding N.V. (ASML) is the only company in the world that makes extreme ultraviolet lithography machines -- the equipment required to print every leading-edge AI chip. There is no alternative supplier. Q1 2026 net sales reached €8.8 billion, up 13% year over year, at a 53% gross margin that is exceptional for capital equipment manufacturing.

The structural position is hard to overstate. Every NVIDIA Blackwell GPU, every AMD Instinct accelerator, every custom silicon chip that goes into an AI data center was printed using ASML equipment. The company doesn't pick winners between chipmakers -- it supplies all of them.

The AI data center buildout has created a cybersecurity problem that didn't fully exist two years ago: massive new attack surfaces, AI-generated attack tools sophisticated enough to exploit them faster than human analysts can respond, and billions of dollars of critical infrastructure newly connected to the public internet. Palo Alto Networks, Inc. (PANW) is the company most directly positioned to capitalize on that problem. Q3 FY2026 revenue grew 31% year over year to $3.0 billion, with Next-Generation Security ARR growing 60% to $8.1 billion. Remaining performance obligation grew 36% to $18.4 billion.

The Q3 FY2026 print came after a rough stretch: Palo Alto gave disappointing guidance in February that sent the stock lower, and the sector broadly sold off on fears that AI tools would disrupt cybersecurity software.

Dell Technologies Inc. (DELL) Q1 FY2027 earnings report, released May 29, stopped the market cold. AI-optimized server revenue hit $16.1 billion in a single quarter -- up 757% year over year. Total Q1 revenue came in at $43.8 billion, up 88%, smashing Wall Street consensus by more than $8 billion. The company booked $24.4 billion in AI orders during the quarter and exited with a record $51.3 billion AI backlog. Its active AI customer count surpassed 5,000, up over 50% in six months.

Dell's position in this story is as the system integrator that actually assembles the hardware and ships it to the data center floor. NVIDIA makes the GPUs, TSMC fabricates the chips, but Dell bundles them into rack-scale AI servers, handles procurement, and manages the deployment at scale.

Meta Platforms, Inc. (META) is the buyer, not the seller, of AI data center infrastructure -- but it's worth understanding the scale of that buying because it ripples through every other name on this list. Q1 2026 revenue hit $56.3 billion, up 33% year over year, with operating income of $22.9 billion and adjusted EPS of $7.31 against estimates of $6.79.

The Hyperion campus in Louisiana is the headline project -- a data center development that could draw up to 5 GW of electricity at peak, roughly equivalent to the power consumption of 4.2 million homes. Meta has also signed nuclear PPAs with Vistra for 2,609 MW across PJM facilities, and has entered a $21 billion compute agreement with CoreWeave, signaling it is willing to pay for external GPU capacity even as it builds its own infrastructure at massive scale.

By. Charles Kennedy

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