Bernstein reaffirmed its Outperform rating and $36 price target on TeraWulf (WULF) after the miner's second-quarter results showed high-performance computing revenue reaching $32 million, or 71% of the total, perhaps the clearest evidence yet that its shift from bitcoin mining to AI infrastructure is landing in reported numbers.
The brokerage and research firm, whose analysts are led by Gautam Chhugani, cast the quarter as execution on a thesis it laid out when it began covering the stock in June.
At the time, analysts called TeraWulf and peer Cipher Mining the "power landlords of AI," as The Block reported. TeraWulf now has a contracted revenue book exceeding $27 billion across three deals with Anthropic, Fluidstack, and Core42.
The stock closed at $18.07 on Aug. 5, roughly half Bernstein's target, according to the note and The Block’s crypto equities price page.
The mix has flipped
