Bernstein sees Bitcoin miners as future 'power lessors' for AI

Bernstein has assigned "Outperform" ratings to Bitcoin miners TeraWulf (WULF) and Cipher Digital (CIFR), predicting they will benefit from the growth of the AI industry. The firm noted that over the past two years, Bitcoin miners have signed 17 contracts worth $110 billion with companies including Google, Amazon, Microsoft, Nvidia, and CoreWeave to supply a total of 6 GW of power to AI firms. According to Bernstein, miners are emerging as key infrastructure providers for the AI industry by leveraging their large-scale power infrastructure and data center operation experience. The firm also forecasts that AI-related revenue for the companies it covers will increase approximately ninefold, from $1.2 billion in 2026 to $10.7 billion in 2030.