Bitcoin Miners Poised for Growth Amid AI Market Expansion, Bernstein Reports
Bitcoin Miners Will Gain From AI Deals, Bernstein Says: The Tickers To Watch
Image: Benzinga
Bernstein has given Outperform ratings to four Bitcoin miners, highlighting their potential to benefit from over $90 billion in AI deals. The report outlines significant price targets for companies like IREN and CleanSpark, driven by their substantial power capacity and strategic partnerships in AI infrastructure.
- 01Bernstein set a $100 price target for IREN, suggesting a potential upside of 98.1% from its recent close.
- 02CleanSpark's target is set at $24, indicating an upside of 78.5% from $13.44.
- 03Bitcoin miners collectively control over 27 gigawatts of planned power capacity, positioning them favorably in the AI market.
- 04IREN plans a 5-gigawatt AI compute buildout, backed by a $3.4 billion AI cloud deal.
- 05Regulatory challenges persist for data centers, impacting the operational landscape for Bitcoin miners.
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Bernstein has assigned Outperform ratings to four Bitcoin miners, citing the potential benefits from over $90 billion in AI deals that encompass 3.7 gigawatts of power capacity. The firm set ambitious price targets, including $100 for IREN (NASDAQ:IREN), which implies a 98.1% upside from its recent close of $50.46. CleanSpark (NASDAQ:CLSK) received a target of $24, reflecting a 78.5% upside from $13.44. Riot Platforms (NASDAQ:RIOT) and Core Scientific (NASDAQ:CORZ) also have favorable targets of $25 and $24, respectively. Bernstein analysts noted that Bitcoin miners control over 27 gigawatts of power capacity, positioning them as key players in AI infrastructure development. IREN is leading with plans for a 5-gigawatt AI compute buildout, supported by a $3.4 billion cloud deal. However, the report also highlights ongoing regulatory and permitting challenges that could impact data center operations. Despite these hurdles, miners are expected to leverage their existing grid-connected power and large-scale sites to capitalize on the growing demand for AI computing.
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The growth of Bitcoin miners in the AI sector could lead to increased job opportunities and investment in infrastructure, benefiting local economies.
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