VanEck Calls AI-Pivot Bitcoin Miners Oversold Following 35% October Sell-Off

Shares of Bitcoin mining companies that repurposed infrastructure for artificial intelligence hosting are significantly oversold following an average 35% decline in October, according to asset manager VanEck. Analysts project a potential 42% to 103% upside, noting zero signed AI data center leases have been canceled despite market contagion from rising GPU rental debt costs and macroeconomic pressures. VanEck described the sell-off as a market dislocation rather than a structural failure, pointing to an estimated 38-gigawatt U.S. power shortfall through 2028, though miners still face $600 million to $3.2 billion in potential equity financing requirements.