Riot shares surge on $28B AI lease; Hut 8 falls on revenue miss

The contrast here is the story: the same pivot to AI and high-performance computing is being priced very differently depending on whether the market sees contracted lease revenue or only the costs incurred before it arrives. Riot's willingness to sell BTC to fund expansion also signals that miners' treasury holdings are becoming a financing lever rather than a pure conviction bet. For the sector, the open question is whether lease-backed revenue eventually shows up in reported results the way it has in share prices, or whether the gap between announcement and income keeps driving these divergences.