HIVE Digital Technologies (HIVE (HIVE)) shares jumped nearly 10% in Thursday's premarket trading after the company announced two big moves: buying a data center in Sweden and teaming up with some heavy hitters to build sovereign AI infrastructure in Canada.

Let's start with the Swedish deal. HIVE said it will acquire the 32-megawatt Big Boden data center in Sweden, after getting the green light from the Boden Municipal Council. This isn't a new facility for HIVE—they've been operating it since 2018 as a tenant. Now they're becoming the landlord, which gives them full control over future expansion. After the deal closes, HIVE plans to upgrade the facility to Tier III standards, making it suitable for enterprise AI and high-performance computing workloads, including NVIDIA's latest GPU architectures. The acquisition is still subject to customary closing conditions, but it's a clear signal that HIVE is doubling down on its long-term strategy of building sovereign AI computing infrastructure.

But that's not all. In a separate announcement, BCE Inc. (BCE (BCE)), Cohere, Hypertec, and BUZZ High Performance Computing—a subsidiary of HIVE—announced a partnership to expand sovereign AI infrastructure in Canada. Here's how it breaks down: Bell will provide data center capacity from its Merritt, British Columbia, facility. BUZZ HPC will deliver AI cloud infrastructure using Hypertec's Canadian-built hardware and NVIDIA's DSX AI factory platform. And Cohere will deploy its enterprise AI models on that platform. The companies say the collaboration is aimed at supporting secure, production-scale AI workloads for government and enterprise customers, while strengthening Canada's digital sovereignty and AI ecosystem. It's a nice example of Canadian tech companies coming together to keep AI data and processing within the country's borders.

So, what does this mean for HIVE's stock? The technical picture is a bit of a mixed bag. Over the past 12 months, HIVE has gained more than 125%, showing strong long-term momentum. The stock continues to trade above its 20-day simple moving average of $4.09 and its 50-day simple moving average of $3.19. But here's the catch: the 50-day moving average is still below the 200-day moving average, a bearish pattern known as a "death cross" that formed earlier this year. Short-term momentum has also weakened—the MACD remains below its signal line, suggesting buying pressure has eased. Immediate resistance is near the $5.00 level.

Looking ahead, Wall Street expects HIVE to report fiscal first-quarter results around Aug. 13, 2026. Analysts are forecasting a loss of 19 cents per share on revenue of $82.53 million, compared with revenue of $45.61 million in the same quarter last year. That's nearly double the revenue, which is impressive, but the loss shows they're still investing heavily.

The stock carries a consensus Buy rating with an average price target of $6.68. Recent analyst actions include: Keefe, Bruyette & Woods raised its price target to $5.00 on June 5, maintaining a Market Perform rating. Canaccord Genuity kept its Buy rating and $10.00 target on June 5. And B. Riley Securities raised its target to $8.00 on June 3, also maintaining a Buy rating. So analysts are generally bullish, though the targets vary widely.

As of Thursday's premarket, HIVE shares were up 9.57% at $4.35. The broader market was also looking positive, with Nasdaq futures up 1.50% and S&P 500 futures gaining 0.62%.