HIVE Digital Technologies Ltd announced plans to construct a major AI gigafactory in the Greater Toronto Area, leading to a 33.1% surge in its stock during premarket trading. The company’s subsidiary, BUZZ High Performance Computing Inc., acquired 25 acres of land for $58 million to develop the facility, which will support over 100,000 GPUs and is expected to be one of Canada’s largest AI infrastructure projects with a budget of approximately CAD $3.5 billion. The project aligns with Canada’s goal of enhancing domestically controlled AI infrastructure for national competitiveness and will leverage Ontario’s clean energy grid for sustainable operations.
HIVE Digital Technologies: HIVE Digital Technologies is a publicly traded digital infrastructure company that builds and operates sustainable data centers to support blockchain workloads alongside high-performance computing for AI applications. It sources power from renewable and clean energy grids across its international facilities. Through this announcement, HIVE is advancing its pivot toward large-scale AI infrastructure by developing a major new facility via its subsidiary in Canada.
BUZZ High Performance Computing Inc.: BUZZ High Performance Computing Inc. is a wholly owned subsidiary of HIVE Digital Technologies specializing in enterprise-grade AI cloud and high-performance computing services as an NVIDIA Cloud Partner. It designs and operates purpose-built GPU clusters for machine learning, scientific computing, and other demanding workloads with a focus on sovereign data security. BUZZ is directly executing the company’s latest AI gigafactory project in the Greater Toronto Area to expand Canada’s domestic compute capacity.
Sovereign AI Push: Canada is prioritizing domestically controlled AI infrastructure to enhance national competitiveness and data security in the global technology landscape.
Infrastructure Pivot: Companies with blockchain mining backgrounds are applying their experience in power procurement and thermal management to develop next-generation AI data centers.
Clean Energy Integration: New AI facilities in Ontario are designed to run on the province’s low-carbon grid with advanced closed-loop cooling to support sustainable operations.