HIVE - Why Hive Digital Technologies Stock Is Soaring Today
2023-07-13 11:02:14 ET
Hive Digital Technologies (NASDAQ: HIVE) stock is making big gains in Thursday's trading. The company's share price was up 10.4% in the daily trading session as of 10:45 a.m. ET, according to data from S&P Global Market Intelligence .
Hive published a press release yesterday announcing that it was changing its name from Hive Blockchain Technologies to Hive Digital Technologies. The new name reflects a shift into offering artificial intelligence (AI) processing services, and investors seem to be excited about the new business direction.
It's no secret that AI stocks have been red-hot lately. Beyond just tapping into the hype surrounding artificial intelligence from a short-term valuation perspective, Hive's recent name change signals a pivot that could have significant implications for the business's performance.
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Why Hive Digital Technologies Stock Is Soaring Today