It isn't just investors who get FOMO. Companies do, too.

The fear of missing out has undoubtedly played a big role in the red-hot artificial-intelligence trade, whether investors would admit it or not. It's also spread to the corporate world.

Remember shoe company Allbirds' sensational pivot to AI infrastructure earlier this year? Or when karaoke-machine-maker-turned-tech-logistics company Algorhythm triggered a sharp selloff when it said its AI tools could make trucking more efficient?

Those are extreme examples and-thankfully-pretty rare.

Algorhythm stock has fallen 88% over the past year, while Allbirds-now Smartbird-is down 62%.

But there's a far more popular, and lucrative, pivot-Bitcoin miners morphing into AI data center companies. It makes perfect sense because crypto miners already have the power and infrastructure for the buildout.

One of those companies, IREN, was having a tough day Friday after its earnings. The stock sank 7%, wiping out all of its gains this year.

Still, IREN's switch has proved very fruitful. Shares have surged more than 500% since it announced its shift from Bitcoin mining to cloud services and data centers in almost 18 months ago. They're up 60% over the past year, despite Friday's early fall.

There's more where that came from. TeraWulf, another ex-Bitcoin miner, is up 66% over the past 12 months. The company signed a bumper 20-year lease agreement with Anthropic last month.

The list goes on. Hut 8 stock is up more than 215% over the past year. The company has signed a bunch of multibillion-dollar data-center lease agreements, turbocharging the shares.

A word of warning, though. Completely changing your company's identity to capture what you think will be the next big thing doesn't always work. Just ask Meta's Mark Zuckerberg.