Nvidia Corporation (NVDA) shares rose 1.80% to $193.43 on July 30, 2026, following reports connecting the chipmaker to Hut 8's massive Texas data center lease agreements. The stock briefly approached $197.50 during the session before pulling back. Hut 8, originally established as a cryptocurrency mining operator, has been diversifying into AI and high-performance computing infrastructure as enterprise AI adoption accelerates demand for powered data center capacity.

The Financial Times identified Nvidia as Hut 8's previously unnamed Beacon Point customer. Nvidia has neither confirmed nor denied the reported tenant relationship, and Hut 8 has also kept the customer's identity private.

Two Leases Totaling 704 Megawatts

Hut 8 disclosed a second 15-year lease covering 352 megawatts of IT capacity, doubling the same tenant's planned footprint to a combined 704 megawatts. Together, both contracts carry $19.6 billion in base-term value. The broader reported figure of $50.2 billion includes optional lease renewals and therefore does not represent guaranteed revenue under the current contracts.

The reported arrangement would place Nvidia behind rent obligations covering the full 704 megawatts of planned AI data center capacity in Texas. Nvidia could also potentially use the site to support customers deploying its computing systems, though neither company has announced a sublease agreement. The lease scale aligns with a broader industry pattern in which AI infrastructure developers are securing multi-hundred-megawatt, long-term commitments as hyperscale demand outpaces the availability of powered land and grid capacity.

Beacon Point Campus and Infrastructure Plans

The Beacon Point campus forms part of Hut 8's planned one-gigawatt development in Texas, a state that has attracted major data center investment due to its available land, energy infrastructure, and deregulated power market. Hut 8 raised $4.25 billion through non-recourse senior secured notes in June to fund the project. The company expects to deliver the first Phase 2 data hall during the second quarter of 2028.

Hut 8 must deliver energized buildings according to the project schedule, and the development still carries construction, financing, and customer concentration risks. Each stage must be completed within the agreed timeline.

Nvidia has promoted its DSX architecture for designing and operating large data centers and works with infrastructure partners to expand deployment capacity.

NVDA Trading Metrics and Short Interest

Nvidia traded at $193.43 after giving back part of its intraday advance. Immediate resistance sits near $195.02, while support levels are at $192.50 and $190.01.

Exchange data showed 324,052,767 NVDA shares sold short as of July 15, representing 1.39% of Nvidia's public float. Nvidia's latest filing listed no pending stock merger or convertible debt balance, providing little support for a short-squeeze thesis. The company's price movement remains tied primarily to earnings, demand, and broader market conditions.

Hedge fund ownership in Hut 8 declined modestly during the first quarter. Sixty tracked portfolios held HUT in March, compared with 64 in December. The small decline did not affect the contractual value of the leases.

Neither Nvidia nor Hut 8 has publicly confirmed Nvidia as the tenant behind the Beacon Point agreements.