Bitcoin miners' stocks drop as investors take profits, not due to AI data center demand shift.

Bitcoin miners pivoting to AI data centers saw notable stock declines Friday, led by Hut 8 down 11%, reflecting profit-taking rather than a change in business fundamentals. Hut 8's large AI data center backlog, valued at $26.6 billion, remains intact with revenue expected from 2027. The broader AI infrastructure ETF barely moved, indicating no sector-wide demand reassessment. Investors should watch Hut 8's upcoming quarterly report for signs of revenue from AI leases and consider cautious exposure due to single-stock risk.