Bernstein has initiated coverage of TeraWulf (WULF) and Cipher Digital (CIFR) with Outperform ratings, setting price targets of $36 and $32, respectively, framing both Bitcoin (BTC) miners as emerging AI infrastructure platforms with a power advantage that new data center entrants cannot replicate.
Analysts from the research and brokerage firm, led by Gautam Chhugani, dubbed them "the power landlords of AI" — a reference to the brownfield sites, legacy grid positions, and multi-gigawatt power pipelines both companies have assembled as the primary bottleneck for building new AI compute capacity shifts decisively to grid-connected power.
Bernstein projects aggregate AI revenue across its Bitcoin miner coverage to expand ninefold from $1.2 billion in 2026 to $10.7 billion by 2030.
Across the sector, miners have contracted out 6 gigawatts of power capacity to hyperscalers and neocloud operators across 17 deals worth more than $110 billion over the past two years, the firm said, representing roughly 10% of U.S. data centers currently under construction.
TeraWulf: power M&A and brownfield advantage
