Piper Sandler picks $HUT as highest upside HPC/Bitcoin miner: HUT 8 likely offers highest upside from here. HUT's deals encompassing 949 MW Critical IT across its Beacon Point (704 MW with Nvidia) and River Bend (245 MW with Fluidstack/Anthropic/Google) campuses are proof points of the company's ability to execute. The contracted MWs come with expected annualized NOI of over $1.75B as HUT continues to secure the most favorable economics on its deals amongst its peers. With the company currently trading at an implied >9% cap rate on contracted power, we believe the company is undervalued. The quality & pace of HUT’s tenant wins strengthen our conviction that HUT is well positioned to secure future leasing commitments.