Dan Loeb dumps old economy stocks, places $40.8M bet on former Bitcoin miner turned AI play

The article focuses on Dan Loeb’s Third Point rotating capital toward AI infrastructure and away from legacy energy/industrial names. The key market signal is a large new position in Hut 8, a former Bitcoin miner now pivoting to AI data centers, alongside a notable reduction in Nvidia exposure and continued emphasis on semiconductors, especially TSMC. TSMC is highlighted as the bottleneck in AI supply chains, with strong May 2026 revenue growth driven by AI demand. Overall, the piece frames institutional capital as favoring the AI compute stack over old-economy sectors and suggests Hut 8’s data-center transition may add value beyond crypto mining. For crypto investors, it underscores the potential re-rating of mining infrastructure into AI hosting assets.