What are your thoughts on HIVE? It had a crazy run up and since pulled back a touch. I have a small position and I am prepared to be in it for the long haul. Also are they getting into artificial intelligence? Those latest few press releases confused me a bit.
Thanks Jimmy
HIVE is getting into AI and web3 developments, partially because it has lots of GPUs (graphics processing units). A recent set of changes on the Ethereum blockchain means these GPUs are not as needed as before, so HIVE wants to repurpose them. It has 38,000 chips, and plans to use them for computational tasks and also rent them out. Losses per share are expected to triple next fiscal year, though on very high expected revenue growth. The stock took a hit on this news, as it is rather confusing. But it is up 254% this year regardless. It will still trade as a crypto stock until it can show alternative revenue growth. Cash flow is positive, but there is a bit of debt. We think after the run up and the switch it may quiet down a bit and we would see it as a HOLD today but only for high risk investors.