UBS Bets Big on Bitcoin Miners' AI Pivot

UBS has initiated coverage of four Bitcoin miners, Cipher Mining (CIFR), TeraWulf (WULF), Hut 8 (HUT), and Core Scientific (CORZ), with a 'Buy' rating.

The bank sees these companies positioned for 'rapid growth' as AI adoption expands and model developers face limited computing capacity.

UBS analyst Ryan Gravett stated that growing demand for AI computing infrastructure creates a new opportunity for miners with access to power and large development pipelines.

CIFR received a $23 price target, while WULF and CORZ were each given a $24 target. HUT was targeted at $143.