- AEP ANNOUNCES PRICING OF COMMON STOCK OFFERING WITH A FORWARD COMPONENT
May 13, 2026
COLUMBUS, Ohio, May 12, 2026 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) today announced the pricing of a registered underwritten offering of 20,472,442 shares of its common stock at a price to the public of $127.00 per share. Subject to certain conditions, all shares are expected to be borrowed by the forward counterparties (as defined below) (or their respective affiliates) from third parties and sold to the underwriters and offered in connection with the forward sale agreements described below. BofA Securities, Goldman Sachs & Co. LLC and Morgan Stanley are acting as lead book-running managers for this offering. Barclays, Citigroup, J.P. Morgan, Mizuho, MUFG, Scotiabank and Wells Fargo Securities are also acting as joint book-running managers and Guggenheim Securities, KeyBanc Capital Markets, RBC Capital Markets, TD Securities and Truist Securities are acting as co-managers for this offering.
In connection with the offering, AEP entered into forward sale agreements with each of Bank of America, N.A, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC (the "forward counterparties") under which AEP agreed to issue and sell to the forward counterparties an aggregate of 20,472,442 shares of its common stock. In addition, the underwriters of the offering have been granted a 30-day option to purchase up to an additional 3,070,866 shares of AEP's common stock upon the same terms. If the underwriters exercise their option to purchase additional shares, AEP expects to enter into additional forward sale agreements with the forward counterparties with respect to the additional shares.
Settlement of the forward sale agreements is expected to occur on or prior to May 31, 2028. AEP may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights or obligations under the forward sale agreements.
If AEP elects physical settlement of the forward sale agreements, it expects to use the net proceeds for general corporate purposes, which may include capital contributions to its utility subsidiaries, acquisitions and/or repayment of debt.
The offering is made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offer may be made only by means of a prospectus and the related prospectus supplement. Copies of these documents may be obtained by contacting:
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BofA Securities by email at dg.prospectus_requests@bofa.com, or by mail at NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department; Goldman Sachs & Co. LLC by telephone at (866) 471-2526, by email at Prospectus-ny@ny.email.gs.com, or by mail at Attention: Prospectus Department, 200 West Street, New York, New York 10282; or Morgan Stanley & Co. LLC by mail at Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014
ABOUT AEP American Electric Power (Nasdaq: AEP) is committed to improving our customers' lives with reliable, affordable power. We plan to invest $78 billion from 2026 through 2030 to enhance service for customers and support the growing energy needs of our communities. Our nearly 18,000 employees operate and maintain the nation's largest electric transmission system with 40,000 line miles, along with more than 252,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 32,000 megawatts of diverse owned and contracted generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.
This report made by the Registrants contains forward-looking statements, and for the Registrants other than Parent, this report contains forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements in this document are presented as of the date of this document. Except to the extent required by applicable law, management undertakes no obligation to update or revise any forward-looking statement. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: changes in economic conditions, electric market demand and demographic patterns in AEP's service territory; the economic impact of increased global conflicts and trade tensions, and the adoption or expansion of economic sanctions, tariffs, trade restrictions or changes in trade policy; inflationary or deflationary interest rate trends; new legislation or regulations adopted in the states in which we operate or federal legislation or regulations adopted that alters the regulatory framework or that prevents the timely recovery of costs and investments; volatility and disruptions in financial markets precipitated by any cause, including fiscal and monetary policy or instability in the banking industry; particularly developments affecting the availability or cost of capital to finance new capital projects and refinance existing debt; the availability and cost of funds to finance working capital and capital needs, particularly (a) if expected sources of capital such as proceeds from the sale of tax credits and anticipated securitizations do not materialize or do not materialize at the level anticipated, and (b) during periods when the time lag between incurring costs and recovery is long and the costs are material; changing demand for electricity, including large load contractual commitments; the risks and uncertainties associated with wildfires, including damages caused by wildfires, the extent of each Registrant's liability in connection with wildfires, investigations and outcomes associated with legal proceedings, demands or similar actions, inability to recover wildfire costs through insurance or through rates and the impact on financial condition and the reputation of each Registrant; the impact of extreme weather conditions, natural disasters and catastrophic events such as storms, hurricanes, wildfires and drought conditions that pose significant risks including potential litigation and the inability to recover significant damages and restoration costs incurred; limitations or restrictions on the amounts and types of insurance available to cover losses that might arise in connection with natural disasters, wildfires or operations; the cost of fuel and its transportation, the creditworthiness and performance of parties who supply and transport fuel and the cost of storing and disposing of used fuel, including coal ash and SNF; the availability of fuel and necessary generation capacity and the performance of generation plants; the ability to recover fuel and other energy costs through regulated or competitive electric rates; the ability to plan for, develop, construct, acquire, or integrate a broad range of generation and energy storage resources, as well as related transmission and distribution infrastructure, including obtaining necessary regulatory approvals, permits, and incentives; complying with cost caps and other regulatory or contractual requirements; and recovering associated costs and earning an appropriate return while meeting reliability, affordability, environmental, and customer–service obligations; the disruption of AEP's business operations due to impacts of economic or market conditions, costs of compliance with potential government regulations, electricity usage, supply chain issues, customers, service providers, vendors and suppliers caused by natural disasters or other events; construction and development risks associated with the completion of the 2026-2030 capital investment plan, including shortages or delays in labor, materials, equipment or parts; prolonged or recurring U.S. federal government shutdowns could adversely affect AEP's operations, regulatory approvals, financial performance and could cause volatility in the capital markets which may interrupt our access to capital; new legislation, litigation or government regulation, including changes to tax laws and regulations, oversight of nuclear generation, evolving environmental standards, energy commodity trading and new or modified requirements related to emissions of sulfur, nitrogen, mercury, carbon, soot or PM and other substances that could impact the continued operation, cost recovery and/or profitability of generation plants and related assets; the impact of tax legislation or associated Department of Treasury guidance, including potential changes to existing tax incentives, on capital plans, results of operations, financial condition, cash flows or credit ratings; the risks before, during and after generation of electricity associated with the fuels used or the by-products and wastes of such fuels, including coal ash and SNF; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service and environmental compliance; resolution of litigation or regulatory proceedings or investigations; the ability to efficiently manage and recover operation, maintenance and development project costs; prices and demand for power generated and sold in wholesale markets; changes in technology, including new, developing, alternative or distributed sources of generation and energy storage; the ability to recover through rates any remaining unrecovered investment in generation units that may be retired before the end of their previously projected useful lives; volatility and changes in markets for coal and other energy-related commodities, particularly changes in the price of natural gas; the impact of changing expectations and demands of customers, regulators, investors and stakeholders, including development, adoption, and use of AI by us, our customers and our third party vendors and evolving expectations related to sustainability; customer affordability considerations may impact regulatory recovery outcomes and future rate design; changes in utility regulation, policies, methodologies for evaluating and approving load interconnection, and the allocation of costs within RTOs including ERCOT, PJM and SPP and the impacts of potential market changes within those RTOs; changes in the creditworthiness of the counterparties with contractual arrangements, including participants in the energy trading market; actions of rating agencies, including changes in ratings impacting the cost of debt; geopolitical developments continue to create uncertainty in global energy markets and have contributed to increased volatility in fuel supply and pricing. Shifts in global market conditions and broader supply-chain pressures may influence natural gas prices, power-generation economics and customer demand patterns; the impact of volatility in the capital markets on the value of the investments held by the pension, OPEB and nuclear decommissioning trust funds and a captive insurance entity and the impact of such volatility on future funding requirements; accounting standards periodically issued by accounting standard-setting bodies; the ability to successfully defend against cybersecurity threats; other risks and unforeseen events, including wars and military conflicts, the effects of terrorism (including increased security costs), embargoes, labor strikes impacting material supply chains, global information technology disruptions and other catastrophic events; the ability to attract and retain the requisite work force and key personnel, including senior management.(PRNewsfoto/American Electric Power)Cision
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- AEP ANNOUNCES PUBLIC OFFERING OF COMMON STOCK WITH A FORWARD COMPONENT
May 12, 2026
COLUMBUS, Ohio, May 12, 2026 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) today announced the commencement of a registered underwritten offering of $2,600,000,000 of shares of its common stock. Subject to certain conditions, all shares are expected to be borrowed by the forward counterparties (as defined below) (or their respective affiliates) from third parties and sold to the underwriters and offered in connection with the forward sale agreements described below. BofA Securities, Goldman Sachs & Co. LLC and Morgan Stanley are acting as joint book-running managers for this offering.
In connection with the offering, AEP expects to enter into forward sale agreements with each of Bank of America, N.A., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC (the "forward counterparties") under which AEP will agree to issue and sell to the forward counterparties an aggregate of $2,600,000,000 of shares of its common stock at an initial forward sale price per share equal to the price per share at which the underwriters purchase the shares in the offering, subject to certain adjustments, upon physical settlement of the forward sale agreements. In addition, the underwriters of the offering expect to be granted a 30-day option to purchase up to an additional $390,000,000 of shares of AEP's common stock upon the same terms. If the underwriters exercise their option to purchase additional shares, AEP expects to enter into additional forward sale agreements with the forward counterparties with respect to the additional shares.
Settlement of the forward sale agreements is expected to occur on or prior to May 31, 2028. AEP may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights or obligations under the forward sale agreements.
If AEP elects physical settlement of the forward sale agreements, it expects to use the net proceeds for general corporate purposes, which may include capital contributions to its utility subsidiaries, acquisitions and/or repayment of debt.
The offering will be made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offer may be made only by means of a prospectus and the related prospectus supplement. Copies of these documents may be obtained by contacting:
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BofA Securities by email at dg.prospectus_requests@bofa.com, or by mail at NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department; Goldman Sachs & Co. LLC by telephone at (866) 471-2526, by email at Prospectus-ny@ny.email.gs.com, or by mail at Attention: Prospectus Department, 200 West Street, New York, New York 10282; or Morgan Stanley & Co. LLC by mail at Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014
ABOUT AEP
American Electric Power (Nasdaq: AEP) is committed to improving our customers' lives with reliable, affordable power. We plan to invest $78 billion from 2026 through 2030 to enhance service for customers and support the growing energy needs of our communities. Our nearly 18,000 employees operate and maintain the nation's largest electric transmission system with 40,000 line miles, along with more than 252,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 32,000 megawatts of diverse owned and contracted generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.
This report made by the Registrants contains forward-looking statements, and for the Registrants other than Parent, this report contains forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements in this document are presented as of the date of this document. Except to the extent required by applicable law, management undertakes no obligation to update or revise any forward-looking statement. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: changes in economic conditions, electric market demand and demographic patterns in AEP's service territory; the economic impact of increased global conflicts and trade tensions, and the adoption or expansion of economic sanctions, tariffs, trade restrictions or changes in trade policy; inflationary or deflationary interest rate trends; new legislation or regulations adopted in the states in which we operate or federal legislation or regulations adopted that alters the regulatory framework or that prevents the timely recovery of costs and investments; volatility and disruptions in financial markets precipitated by any cause, including fiscal and monetary policy or instability in the banking industry; particularly developments affecting the availability or cost of capital to finance new capital projects and refinance existing debt; the availability and cost of funds to finance working capital and capital needs, particularly (a) if expected sources of capital such as proceeds from the sale of tax credits and anticipated securitizations do not materialize or do not materialize at the level anticipated, and (b) during periods when the time lag between incurring costs and recovery is long and the costs are material; changing demand for electricity, including large load contractual commitments; the risks and uncertainties associated with wildfires, including damages caused by wildfires, the extent of each Registrant's liability in connection with wildfires, investigations and outcomes associated with legal proceedings, demands or similar actions, inability to recover wildfire costs through insurance or through rates and the impact on financial condition and the reputation of each Registrant; the impact of extreme weather conditions, natural disasters and catastrophic events such as storms, hurricanes, wildfires and drought conditions that pose significant risks including potential litigation and the inability to recover significant damages and restoration costs incurred; limitations or restrictions on the amounts and types of insurance available to cover losses that might arise in connection with natural disasters, wildfires or operations; the cost of fuel and its transportation, the creditworthiness and performance of parties who supply and transport fuel and the cost of storing and disposing of used fuel, including coal ash and SNF; the availability of fuel and necessary generation capacity and the performance of generation plants; the ability to recover fuel and other energy costs through regulated or competitive electric rates; the ability to plan for, develop, construct, acquire, or integrate a broad range of generation and energy storage resources, as well as related transmission and distribution infrastructure, including obtaining necessary regulatory approvals, permits, and incentives; complying with cost caps and other regulatory or contractual requirements; and recovering associated costs and earning an appropriate return while meeting reliability, affordability, environmental, and customer–service obligations; the disruption of AEP's business operations due to impacts of economic or market conditions, costs of compliance with potential government regulations, electricity usage, supply chain issues, customers, service providers, vendors and suppliers caused by natural disasters or other events; construction and development risks associated with the completion of the 2026-2030 capital investment plan, including shortages or delays in labor, materials, equipment or parts; prolonged or recurring U.S. federal government shutdowns could adversely affect AEP's operations, regulatory approvals, financial performance and could cause volatility in the capital markets which may interrupt our access to capital; new legislation, litigation or government regulation, including changes to tax laws and regulations, oversight of nuclear generation, evolving environmental standards, energy commodity trading and new or modified requirements related to emissions of sulfur, nitrogen, mercury, carbon, soot or PM and other substances that could impact the continued operation, cost recovery and/or profitability of generation plants and related assets; the impact of tax legislation or associated Department of Treasury guidance, including potential changes to existing tax incentives, on capital plans, results of operations, financial condition, cash flows or credit ratings; the risks before, during and after generation of electricity associated with the fuels used or the by-products and wastes of such fuels, including coal ash and SNF; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service and environmental compliance; resolution of litigation or regulatory proceedings or investigations; the ability to efficiently manage and recover operation, maintenance and development project costs; prices and demand for power generated and sold in wholesale markets; changes in technology, including new, developing, alternative or distributed sources of generation and energy storage; the ability to recover through rates any remaining unrecovered investment in generation units that may be retired before the end of their previously projected useful lives; volatility and changes in markets for coal and other energy-related commodities, particularly changes in the price of natural gas; the impact of changing expectations and demands of customers, regulators, investors and stakeholders, including development, adoption, and use of AI by us, our customers and our third party vendors and evolving expectations related to sustainability; customer affordability considerations may impact regulatory recovery outcomes and future rate design; changes in utility regulation, policies, methodologies for evaluating and approving load interconnection, and the allocation of costs within RTOs including ERCOT, PJM and SPP and the impacts of potential market changes within those RTOs; changes in the creditworthiness of the counterparties with contractual arrangements, including participants in the energy trading market; actions of rating agencies, including changes in ratings impacting the cost of debt; geopolitical developments continue to create uncertainty in global energy markets and have contributed to increased volatility in fuel supply and pricing. Shifts in global market conditions and broader supply-chain pressures may influence natural gas prices, power-generation economics and customer demand patterns; the impact of volatility in the capital markets on the value of the investments held by the pension, OPEB and nuclear decommissioning trust funds and a captive insurance entity and the impact of such volatility on future funding requirements; accounting standards periodically issued by accounting standard-setting bodies; the ability to successfully defend against cybersecurity threats; other risks and unforeseen events, including wars and military conflicts, the effects of terrorism (including increased security costs), embargoes, labor strikes impacting material supply chains, global information technology disruptions and other catastrophic events; the ability to attract and retain the requisite work force and key personnel, including senior management.(PRNewsfoto/American Electric Power)Cision
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- AI Boom Shows Top US Grid ‘Too Big to Function,’ Regulator Says
May 12, 2026
(Bloomberg) -- The chairman of the top US energy regulator has put America’s biggest power grid on notice, warning that its operator may be too big to function adequately amid the AI data center boom.
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Laura Swett, who oversees the Federal Energy Regulatory Commission, said Tuesday she fears that PJM Interconnection LLC’s struggle to address the voracious power needs from data centers threatens the country’s artificial intelligence ambitions.
PJM “perhaps simply has grown too big to function,” she said. “We simply cannot have a market that falls short at exactly the time when we must successfully navigate this once-in-a-generation opportunity to cement America’s energy leadership.”
Her remarks came at PJM’s annual meeting in Baltimore, where she said FERC would hold a July 23 conference to discuss reforms for the biggest US grid.
PJM plans to participate in the upcoming conference and will continue to bring new electricity generation online as quickly as possible, a spokesman said in an emailed statement.
Swett’s comments underscore the intense scrutiny on PJM. The grid is facing the threat of one of the biggest American utilities, American Electric Power Co., exiting the system. That comes on top of heavy criticism from state governors that too much of the cost burden for new data centers is falling onto ratepayers.
“One of the largest utilities in the country is considering leaving PJM and I can’t say that I blame them,” said Swett, who was appointed by US President Donald Trump last year. “These are not marginal complaints.”
Swett added that membership of PJM had grown bloated, comparing the organization’s more-than 1,000 participants, with the 535 lawmakers sitting in US congress. That made achieving the necessary consensus almost impossible, and leaves the 99-year-old grid facing a “legitimacy crisis,” she said.
PJM is grappling with booming power demand from the data centers that underpin America’s AI goals, while also trying to tame soaring energy bills. PJM is home to “data center alley” in Northern Virginia, which is at the heart of American’s drive to win the AI race against China.
“Other countries are racing to harness the power of artificial intelligence to sharpen their competitive edge across all economic sectors,” she said. “PJM and all the companies that are represented in this room are the epicenter of that race. The United States cannot fail.”
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(Adds PJM comment in fourth paragraph.)
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- American Electric Power Company (AEP) Beats Profit and Revenue Estimates in Q1
May 11, 2026
American Electric Power Company, Inc. (NASDAQ:AEP) is included among the 12 Best Electric Utility Stocks to Buy for the Data Center Surge.American Electric Power Company (AEP) Beats Profit and Revenue Estimates in Q1
American Electric Power Company, Inc. (NASDAQ:AEP) is one of the nation’s largest electricity producers with approximately 29,000 megawatts of diverse generating capacity.
American Electric Power Company, Inc. (NASDAQ:AEP) reported strong results for its Q1 2026 on May 5. The company posted an adjusted profit of $1.64 per share, up from $1.54 in the same period last year, and beat estimates by $0.07. The utility also grew its revenue by over 10% YoY to $6 billion and exceeded forecasts by $251 million.
AEP contracted an additional 7 GW of load in the first quarter, and the company’s incremental load is expected to grow to 63 GW by 2030, up from the 56 GW it shared previously. Nearly 90% of this expected incremental contracted load is from data centers, including hyperscalers. As a result, the utility raised its five-year capital investment plan to $78 billion, up from the prior $72 billion.
American Electric Power Company, Inc. (NASDAQ:AEP) reaffirmed its full-year 2026 operating earnings guidance of $6.15 to $6.45 per share. The company also reiterated its premium operating earnings growth rate target of 7% to 9% for 2026 through 2030. Moreover, given its boosted capital investment plan, AEP increased its expected long-term operating earnings CAGR to greater than 9%.
While we acknowledge the potential of AEP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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- Scotiabank Raises its Price Target on American Electric (AEP) to $140
May 9, 2026
American Electric Power Company, Inc. (NASDAQ:AEP) is one of the
15 Best Power Generation Stocks To Buy For Data Center Demand.
On May 6, 2026, Scotiabank raised its price target on American Electric Power Company, Inc. (NASDAQ:AEP) to $140 from $131 previously and maintained a Sector Perform rating on the shares. The firm pointed to the company’s “robust” EPS growth outlook, which was again increased to a greater-than-9% CAGR following recently announced capital projects.
On May 5, 2026, American Electric Power Company, Inc. (NASDAQ:AEP) reported Q1 operating EPS of $1.64, above the $1.57 consensus estimate, while revenue came in at $5.46B versus $5.72B expected. Chief Executive Officer Bill Fehrman said AEP continues executing on its strategic plan while maintaining a focus on affordability amid rising demand growth, particularly from data centers and other large-load customers.Scotiabank Raises its Price Target on American Electric (AEP) to $140
Dmitry Kalinovsky/Shutterstock.com
American Electric Power Company, Inc. (NASDAQ:AEP) also said that it continues to expect FY26 operating EPS in the range of $6.15 to $6.45 per share.
American Electric Power Company, Inc. (NASDAQ:AEP) generates, transmits, and distributes electricity to retail and wholesale customers in the United States.
While we acknowledge the potential of AEP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy.
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- AEP Names Andy Gurgol Vice President of Investor Relations
May 8, 2026
Darcy Reese to Retire at End of Year
COLUMBUS, Ohio, May 8, 2026 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) has named Andy Gurgol vice president of Investor Relations, effective May 9. He will succeed Darcy Reese, who will retire at the end of the year. Gurgol will report to Trevor Mihalik, executive vice president and chief financial officer.
"I am thrilled that Andy joined the AEP team this year, bringing his experience in corporate development and strategy to the finance organization," Mihalik said. "This is an exciting time for AEP as we work to seize the extraordinary growth opportunities ahead of us, and I believe Andy will excel at communicating our vision for the future to the investor community."
Gurgol joined AEP in January 2026 as managing director, Corporate Strategy and Development. Prior to joining AEP, he spent nearly 14 years working in the utility and energy infrastructure sectors. Gurgol worked at Sempra for nearly a decade, where he held progressive leadership roles, including director, Corporate Development and Strategy. In this role, he was responsible for M&A and strategy development across the enterprise. Earlier in his career, Gurgol worked at NextEra Energy, leading economic and strategic analyses for over $1.5 billion in renewable energy investments. He began his career with FirstEnergy in its financial forecasting and analytics department.
In addition to his time working in the utility sector, Gurgol worked at the World Resources Institute, where he served as senior manager of Conservation Finance. In this role, he led initiatives in partnership with utilities, private sector companies, and federal and state agencies to deploy investments in environmental restoration projects that mitigate catastrophic wildfire risk, strengthen infrastructure and community resilience, and generate attractive financial returns.
Gurgol holds a finance degree from the University of Toledo.
"Communicating AEP's strategy to execute and deliver on the tremendous growth plans ahead will be critical as we invest $78 billion in our system through 2030," Gurgol said. "I look forward to meeting our investors and analysts over the next several months to begin building our relationships."
Since 2020, Reese has led AEP's investor relations team, overseeing shareholder engagement, guiding the quarterly earnings narrative, and directing the company's annual meeting of shareholders.
After more than 35 years in finance and accounting, Reese plans to retire at the end of 2026. She will continue to lead AEP's investor relations efforts until that time.
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"Darcy has been an outstanding advocate for AEP with our investor community," Mihalik added. "She has been an integral member of our finance team, and her contributions to AEP have helped us grow into the company we are today. We wish Darcy and her family the best when she embarks on her next chapter at the end of the year."
ABOUT AEP
American Electric Power (Nasdaq: AEP) is committed to improving our customers' lives with reliable, affordable power. We plan to invest $78 billion from 2026 through 2030 to enhance service for customers and support the growing energy needs of our communities. Our nearly 18,000 employees operate and maintain the nation's largest electric transmission system with 40,000 line miles, along with more than 252,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 32,000 megawatts of diverse owned and contracted generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.(PRNewsfoto/American Electric Power)Cision
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- How Investors Are Reacting To American Electric Power (AEP) Data Center Demand And US$78 Billion Grid Plan
May 7, 2026
In early May 2026, American Electric Power Company, Inc. reported first-quarter results showing higher revenue of US$6.02 billion and net income of US$874 million year over year, reaffirmed its 2026 operating EPS guidance of US$6.15–US$6.45, and maintained its long-running quarterly dividend of US$0.95 per share. Beyond the headline earnings, AEP highlighted rapidly growing contracted data center demand out to 2030 and lifted its five-year capital plan to US$78.00 billion, underscoring how large-scale grid and generation investments are reshaping its role in serving hyperscale and AI loads. Now we’ll examine how AEP’s US$78.00 billion capital plan and data center-driven demand backlog influences its existing investment narrative.
This technology could replace computers: discover 26 stocks that are working to make quantum computing a reality.
American Electric Power Company Investment Narrative Recap
An investor in American Electric Power needs to believe that large, long-term data center contracts can support a much bigger grid and generation footprint while staying acceptable to regulators and customers. The near term catalyst is how quickly AEP can convert its US$78.00 billion capital plan into approved, recoverable projects, while the biggest risk remains regulatory and political pushback around tariffs, cost allocation and market participation. The latest earnings beat and guidance reaffirmation do not materially change that balance.
Among the recent developments, the declaration of AEP’s 464th consecutive quarterly dividend at US$0.95 per share stands out in the context of such an aggressive capital plan. For many shareholders, that long dividend record is part of the appeal, so sustaining it alongside higher spending and potential financing needs will be watched closely as management pursues the data center driven build out.
But even with these positives, investors should be aware that AEP’s growing dependence on large commercial loads and evolving market structures could...
Read the full narrative on American Electric Power Company (it's free!)
American Electric Power Company's narrative projects $27.2 billion revenue and $4.3 billion earnings by 2029. This requires 7.5% yearly revenue growth and about a $0.7 billion earnings increase from $3.6 billion today.
Uncover how American Electric Power Company's forecasts yield a $141.38 fair value, a 7% upside to its current price.
Exploring Other PerspectivesAEP 1-Year Stock Price Chart
Four fair value estimates from the Simply Wall St Community span roughly US$107 to US$141 per share, showing how differently individual investors see AEP today. You can weigh those views against AEP’s enlarged US$78.00 billion capital plan and the regulatory and financing risks around executing it, and then explore how that might influence your own expectations for the company’s performance.
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Explore 4 other fair value estimates on American Electric Power Company - why the stock might be worth 19% less than the current price!
Reach Your Own Conclusion
Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.
A great starting point for your American Electric Power Company research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision. Our free American Electric Power Company research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate American Electric Power Company's overall financial health at a glance.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include AEP.
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- Biggest US Grid Must Redesign to Cope With AI Boom, CEO Says
May 6, 2026
(Bloomberg) -- The biggest US power grid needs a revamp to cope with the unprecedented surge in electricity demand stemming from the data-center boom, said Chief Executive Officer David Mills.
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As currently structured, PJM Interconnection LLC, which serves 67 million people across 13 states, can’t ensure ample electricity supplies while simultaneously shielding residential consumers from soaring bills, Mills wrote in a letter to stakeholders.
“The current situation is not tenable,” Mills wrote in the letter published Wednesday. The “stress now visible in prices, reserve margins and investment pipelines reflects something more fundamental than a design that needs recalibration.”
The crises stressing PJM include looming power shortages expected to hit the grid as soon as next year and the threatened defection of one of the largest US utilities — American Electric Power Co.
Skyrocketing household electricity bills and the influx of power-hungry data centers have become electoral issues in some locales. Power costs have jumped across the PJM region, with rates climbing 51% in Maryland in the past five years and 41% in Illinois during that period, according to a US Chamber of Commerce report released on Tuesday.
“The region has years, not decades, to make these choices deliberately,” Mills wrote.
A policy paper put forward alongside Mills’ letter outlined three potential paths to mitigate a “credibility gap” between the need for high prices to entice power-plant construction and protecting consumers from higher bills.
“Generators, utilities, investors and consumers must all believe, at a basic level, that the rules are fair, stable and the product of a process they recognize as credible,” Mills wrote.
PJM is taking too long to find solutions and that the “devil is in the details” with each of the proposals put forward, according to Ryan Levine, an analyst at Citigroup Inc.
“We worry that the continued back and forth is leading PJM to miss the opportunity,” Levine wrote in a note. Data center projects “will just move to other regions around the world if it really takes years to figure things out.”
(Updates with comment from Citigroup analyst from penultimate paragraph.)
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- Company News for May 6, 2026
May 6, 2026
Shares of Marathon Petroleum Corporation (MPC) gained 3.2% after the company reported first-quarter 2026 earnings of $1.65 per share, beating the Zacks Consensus Estimate of $0.72 per share. Editas Medicine, Inc.’s (EDIT) shares gained 1.3% after the company reported a first-quarter loss of $0.26 per share, narrower than the Zacks Consensus Estimate of a loss of $0.3 per share. Shares of Anheuser-Busch InBev SA/NV (BUD) soared 8.7% after the company reported first-quarter 2026 earnings of $0.97 per share, surpassing the Zacks Consensus Estimate of $0.90 per share. American Electric Power Company, Inc.’s (AEP) shares rose 0.1% after the company reported first-quarter 2026 earnings of $1.64 per share, outpacing the Zacks Consensus Estimate of $1.55 per share.
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- Hut 8 Commercializes First Phase of 1 GW Beacon Point AI Data Center Campus with 15-Year, 352 MW IT Lease with Base-Term Contract Value of $9.8 Billion
May 6, 2026
Triple-net lease with high-investment-grade tenant valued at up to $25.1 billion if all renewal options are exercised
Transaction expands Hut 8's total contracted AI data center capacity to 597 MW with aggregate base-term contract value of approximately $16.8 billion
Hut 8 to deliver a 352 MW AI factory designed to NVIDIA's DSX reference architecture for gigawatt-scale AI infrastructure
Executed under Hut 8's repeatable delivery model with Tier 1 counterparties: American Electric Power (Nasdaq: AEP), Vertiv Holdings Co (NYSE: VRT), and Jacobs (NYSE: J)
MIAMI, May 6, 2026 /PRNewswire/ -- Hut 8 Corp. (Nasdaq, TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies, today announced the commercialization of the first phase of its Beacon Point data center campus in Nueces County, Texas through a 15-year, $9.8 billion lease (the "Agreement") for 352 megawatts (MW) of IT capacity (the "Transaction"). The tenant, a high-investment-grade company, will deploy dedicated compute infrastructure at the campus to support AI training and inference workloads at hyperscale.Rendering of Hut 8's Beacon Point data center campus in Nueces County, Texas
Beacon Point is the second AI data center campus commercialized under the Company's power-first, greenfield development model following River Bend. Hut 8 has executed an interconnection agreement for 1,000 MW of utility capacity, with initial energization expected in Q1 2027. As with River Bend, Hut 8 identified and secured the site through its power-first approach and subsequently commercialized it through a hyperscale AI lease. The Beacon Point transaction brings Hut 8's total contracted AI data center capacity to 597 MW of IT capacity with aggregate base-term contract value of approximately $16.8 billion and aggregate average annual NOI to approximately $1.1 billion.
Transaction Highlights
Lease Structure: Triple net (NNN) lease. Tenant Profile: Confidential, high-investment-grade company. Compute Architecture: Hut 8 to deliver a 352 MW AI factory designed to NVIDIA's DSX reference architecture for gigawatt-scale AI infrastructure. Base-Term Contract Value: Total contract value of $9.8 billion over a 15-year base lease term, inclusive of a 3.0% annual base rent escalator. NOI Contribution: Expected cumulative NOI contribution of $9.8 billion over the base lease term, translating to an expected average annual NOI contribution of $655 million upon stabilization. Upside Economics: Three 5-year renewal options increase potential contract value to approximately $25.1 billion assuming all three options are exercised. Delivery Timeline: Initial data hall delivery expected in Q3 2027. Project-level Financing: Hut 8 intends to support the development of Beacon Point with project-level financing that aims to optimize cost of capital at the asset level while maintaining disciplined long-term leverage metrics at the corporate level. Campus Scalability: 1,000 MW of utility capacity with initial energization expected in Q1 2027. Commercial Potential: The lease for 352 MW of IT capacity, requiring approximately 500 MW of utility capacity, represents the first phase of commercialization at a campus designed to support up to 1,000 MW of utility capacity, providing significant runway for potential campus expansion and revenue growth.
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Power-First Underwriting and the First Phase of Value Creation
Beacon Point exemplifies Hut 8's power-first development model and the value creation it enables across the asset lifecycle. Originally underwritten on a speed-to-power thesis to serve Hut 8's affiliated customer, American Bitcoin Corp. ("ABTC"), the site was repositioned to AI infrastructure as power demand accelerated and customer requirements broadened. Hut 8 transitioned Beacon Point from its original commercialization pathway with ABTC to deliver an AI data center campus with contracted, investment-grade cash flows, marking the first phase of asset-level value creation at the campus.
Asher Genoot, CEO of Hut 8, said: "Beacon Point underscores why we start with power and maintain flexibility across end markets. Operating across multiple applications lets us underwrite assets that single-use-case developers cannot, then redirect them toward higher-value commercialization pathways as demand evolves. This flexibility is intentional, and it is embedded in how we underwrite, develop, and commercialize infrastructure."
First-Principles Engineering and the Second Phase of Value Creation
Beacon Point also exemplifies Hut 8's first-principles engineering approach and the value creation it enables as technology applications evolve. Following the repositioning of the campus to AI, the first data hall was scoped for 224 MW of IT capacity, sized to the chip architectures commercially deployed at the time. As NVIDIA's DSX reference architecture advanced toward commercial deployment with materially higher rack-level power densities, Hut 8 redesigned the data hall to support a 352 MW AI factory, a 57% increase over the initial design, within the same land and utility footprint.
Scalable, Partnership-Driven Execution Model
Hut 8 is developing Beacon Point through a partnership-driven execution model first implemented at its River Bend campus. The model is structured to mitigate risk across the project lifecycle by aligning Tier 1 partners to defined roles across technology, engineering and construction, and critical systems delivery.
Asher Genoot, CEO of Hut 8, said: "This transaction commercializes the first building of our newest gigawatt-scale campus and marks our second AI data center lease. More importantly, it demonstrates that our development model, which pairs power-first underwriting with disciplined commercialization and institutional execution, is repeatable and extendable across our broader pipeline."
NVIDIA is engaged as technology partner, with Phase 1 of the campus engineered to NVIDIA's DSX reference architecture for gigawatt-scale AI factories. Jacobs, a global scienced-based consulting and advisory firm, is retained as EPCM (Engineering, Procurement and Construction Management) lead, working alongside Vertiv in its role supporting critical digital infrastructure systems.
Bob Pragada, Chair and CEO of Jacobs, said: "Beacon Point underscores the strength of our partnership with Hut 8 and the discipline required to deliver AI infrastructure with speed, safety, and certainty. Building on our work together at River Bend, we are applying our EPCM leadership and advanced digital twin technology to set the benchmark for AI infrastructure deployment, optimization, and resiliency."
Giordano Albertazzi, CEO of Vertiv, said: "Next generation AI infrastructure will be defined by how quickly power can be converted into AI capacity. Partnering with Hut 8 aligns with Vertiv's systems-level approach to converged physical infrastructure — bringing power, cooling, and deployment execution at scale. At Beacon Point, we are applying Vertiv's global manufacturing depth, supply chain discipline, engineering expertise, and critical digital infrastructure portfolio to help deliver AI capacity with speed, reliability, and long-term performance."
Utility and Regional Partnerships
Hut 8 is developing the Beacon Point campus in collaboration with key Texas stakeholders, including AEP Texas, a subsidiary of American Electric Power (AEP), and the Corpus Christi Regional Economic Development Corporation (CCREDC). Hut 8 and AEP Texas have executed an interconnection agreement for 1,000 MW of utility capacity for the campus, with initial energization expected in Q1 2027.
Hut 8 brings a long operating history in Texas and extensive experience working within ERCOT across large-load applications. This experience has enabled the Company to advance complex infrastructure projects by navigating market dynamics, interconnection processes, and transmission and system upgrade requirements while maintaining disciplined development and execution timelines.
Aaron Bowman, CEO of CCREDC, said: "Beacon Point reflects the type of long-term investment that supports durable growth in the Coastal Bend economy. Hut 8's focus on power infrastructure and disciplined execution aligns with the region's assets and workforce capabilities, and we are pleased to support the advancement of this campus in Nueces County."
Development Pipeline Update
The Transaction advances 500 MW of utility capacity from Energy Capacity Under Development to Energy Capacity Under Construction. An additional 500 MW of utility capacity from Beacon Point remains within Energy Capacity Under Development.
Hut 8 continues to advance opportunities across a broader pipeline spanning 7,545 MW of Energy Capacity Under Diligence, Exclusivity, and Development, applying the same power-first underwriting framework and institutional execution model demonstrated at River Bend and Beacon Point.
Stage Description Utility Capacity
As of May 6,
2026 Energy Capacity Under
Diligence Sites identified for large-load use cases such as AI, HPC, ASIC compute, industrial applications such as
next generation manufacturing, and other energy-intensive technologies. At this stage, Hut 8 assesses site
potential by engaging with utilities, landowners, and other stakeholders to evaluate critical factors, including
power availability, infrastructure readiness, fiber connectivity, and overall commercial viability. 5,315 MW Energy Capacity Under
Exclusivity Sites where Hut 8 has secured a clear path to ownership through either: (i) an exclusivity agreement that prevents
the sale of designated land and power capacity to another party or (ii) a tendered interconnection agreement,
confirming a viable path to securing power and infrastructure for deployment. 1,680 MW1 Energy Capacity Under
Development Sites where Hut 8 is actively investing in development and commercialization by executing definitive land and/or
power agreements, advancing site design and infrastructure buildout, and engaging with prospective customers. 550 MW Energy Capacity Under
Construction Sites where Hut 8 has executed a definitive offtake agreement and commenced construction activities. 830 MW Total All sites under diligence, exclusivity, development, commercialization, and construction. 8,375 MW1
Note: (1) Excludes 1,000 MW of potential IT expansion capacity at River Bend, for which Fluidstack holds a ROFO under the River Bend lease.
Non-GAAP Financial Measures
This press release includes a non-GAAP financial measure, expected net operating income (NOI) contribution, which the Company defines as expected lease revenue for a particular lease less any non-reimbursable operating expenses attributable to the leased property. The Company's management team uses expected NOI contribution to measure the expected operating performance of a particular lease. Operating income is the GAAP measure most directly comparable to expected NOI contribution. In evaluating expected NOI contribution, you should be aware that in the future the Company may incur non-reimbursable lease operating expenses that are not currently known. The Company's presentation of expected NOI contribution should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. Expected NOI contribution has important limitations as an analytical tool and you should not consider expected NOI contribution in isolation or as a substitute for analysis of results as reported under GAAP. For example, expected NOI contribution excludes the impact of selling, general and administrative expenses and depreciation and amortization, which have real economic effect and could materially impact the Company's consolidated financial results. Other companies, including Real Estate Investment Trusts, may calculate expected NOI contribution differently than the Company does and, accordingly, the Company's expected NOI contribution may not be comparable to similar measures published by such companies. No reconciliation of expected NOI contribution is included in this press release because the Company is unable to quantify certain amounts that would be required to be included in operating income without unreasonable efforts as such quantification would imply a degree of precision that would be confusing or misleading to investors.
Additional Transaction Information and Upcoming Communications
Hut 8 has made available on its website an investor presentation with further details regarding the Transaction.
For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company's website, hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.
About Hut 8
Hut 8 is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive technologies such as AI, high-performance computing, and ASIC compute. The Company develops, commercializes, and operates industrial-scale energy and data center infrastructure through a power-first, innovation-driven approach. For more information, visit hut8.com.
Cautionary Note Regarding Forward-Looking Information
This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the terms, value, and expected benefits of the Transaction and the Agreement, including expected contract value, NOI contribution, and potential value from renewal options, the timing of development, construction, energization, and delivery of the Beacon Point campus, the Company's plans with respect to project-level financing, the expected capacity, scalability, and potential future expansion of the campus, the Company's development pipeline, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "allow", "believe", "estimate", "expect", "predict", "can", "might", "potential", "is designed to", "likely," or similar expressions.
Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, risks relating to the construction of new data centers, including cost overruns, delays, supply chain issues, permitting or regulatory hurdles, unexpected technical challenges, and dependency on contractors; risks relating to the financing of new data centers, including the potential dilutive impact of equity issuances (if any), access to capital markets, timing and cost of financing, and market conditions such as increases in interest rates, declining equity valuations, volatility in credit markets, or tightening lending standards; risks impacting our ability to expand the power capacity at the River Bend campus, such as limitations of transmission and/or generation resources; failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at sec.gov and SEDAR+ profile at sedarplus.ca.Hut 8 (PRNewsfoto/Hut 8 Corp.)Cision
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