13 Best AI Stocks to Buy Under $10

9. Bit Digital, Inc. (NASDAQ:BTBT)

Stock Price as of May 8: $2.08

Number of Hedge Fund Holders: 14

Bit Digital, Inc. (NASDAQ:BTBT) designs, develops, and operates high-performance computing (HPC) data centers that offer hosting and colocation services, and cloud-based HPC graphics processing units for artificial intelligence and machine learning developers. While the company is best known for its bitcoin mining operations, it increasingly diversifies into high-performance computing and artificial intelligence.

Consequently, Bit Digital, Inc. (NASDAQ:BTBT) has secured a Tier 3 data center site in Canada. The site supports the company’s 5MW colocation contract with artificial intelligence infrastructure firm Cerebras Systems. The $40 million project aligns with the company’s push to accelerate AI infrastructure deployment.

The new site in Quebec builds on a similar acquisition early in the year, whereby Bit Digital, Inc. (NASDAQ:BTBT) acquired a new data center to host its AI infrastructure. The company plans to have 32MW of high-performance computing data centers and 288MW across all its operations by the end of the year. Bit Digital is increasingly expanding its footprint into high-performance computing and data centers in pursuit of stable and potentially higher revenue streams than crypto mining. In April, H.C. Wainwright reaffirmed a Buy rating and set a $7.00 price target for Bit Digital (NASDAQ: BTBT).