HIVE secures $220M AI infrastructure contract with Bell and Cohere

HIVE Blockchain Technologies Ltd. secured a significant AI infrastructure contract valued at $220 million with Bell Canada and Cohere on May 28, 2024. This agreement is projected to contribute approximately $70 million in annual recurring revenue for HIVE as it expands its artificial intelligence-focused operations. The contract involves HIVE providing cloud computing infrastructure to support the AI development and deployment needs of both Bell and Cohere. Bell Canada, a major telecommunications company, is leveraging advanced AI for its services, while Cohere, an AI company, focuses on developing large language models. The partnership underscores the growing demand for specialized AI infrastructure and HIVE's strategic positioning to meet this demand. The company's investment in high-performance computing is expected to accelerate its growth in the AI sector.