Bernstein held its $36 TeraWulf price target after the miner's $19 billion Anthropic lease and $530 million sale of its Abernathy JV stake.

TeraWulf is a crytpo mining company that has pivoted to AI data center infrastructure. Its stock is up more than 80% this year.

TeraWulf's 20-year lease deal with Anthropic is expected to generate $19 billion in revenue—and major Bitcoin mining stocks are surging.