UBS Pivots on Bitcoin Miners, Sees Rapid Growth in AI Computing Infrastructure
UBS initiated coverage of four Bitcoin miners pivoting into AI data centers with bullish ratings. The firm sees growing demand for AI computing infrastructure creating a new opportunity for miners with access to power and large development pipelines.
Cipher Mining (CIFR), TeraWulf (WULF), Hut 8 (HUT), and Core Scientific (CORZ) received 'Buy' ratings from UBS. The firm sees data-center infrastructure positioned for 'rapid growth' as AI adoption expands and model developers face limited computing capacity.
UBS gave CIFR a $23 price target, citing capacity deliveries, pipeline clarity, and new lease announcements as catalysts. TeraWulf received a $24 target, with UBS estimating recent deals imply roughly $12 million in equity value per megawatt.