Google has become the largest shareholder of TeraWulf, acquiring a 14% stake after increasing its financial support for a colocation lease with AI provider Fluidstack. TeraWulf announced a 10-year lease agreement with Fluidstack, with Google providing a $3.2 billion backstop in return for warrants to purchase over 73 million shares. This move emphasizes Google's validation of TeraWulf's zero-carbon infrastructure amid an evolving market where Bitcoin miners are diversifying into AI and high-performance computing (HPC) services. TeraWulf plans to continue its Bitcoin mining operations while focusing on transitioning to AI and HPC workloads, projecting significant revenue from its partnership with Fluidstack. The initial trading session saw TeraWulf's stock rise significantly, reflecting investor optimism about the newly strengthened relationship with Google and the anticipated revenue growth from their agreements.

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