CIFR

The stock was bid up all day due to the Texas governor's race, as AI bulls hoped for a victory by Abbott, who is perceived as more favorable to data centers than his challenger.

UBS initiated a Buy rating on Miners, noting that the five AI-colocation names already control approximately 50GW of leased capacity, representing about $125 billion of contracted revenue, with an additional 12GW of expansion opportunity.

UBS models approximately 80% average EBITDA growth from 2027–29, with 2029 estimates about 10% above Street, and sees approximately 36% average upside as companies convert power pipelines into long-term contracted cash flows.

HUT/WULF/APLD/CORZ/CIFR: UBS initiates Buy on Miners, sees time-to-power driving multi-year contracted growth

Needham argues that recent weakness in neocloud and co-location stocks reflects overstated fears about excess compute and rising competition.

Power availability remains the binding constraint, limiting near-term revenue disruption.

Contracted GPU pricing, which constitutes a large portion of neocloud revenue, remains robust despite softening spot rates for older-generation GPUs, suggesting a normal product transition rather than structural oversupply.

The company stands to benefit as new entrants compete for scarce powered capacity, and recent lease economics point to improving pricing.

Longer term, software differentiation should matter more for CRWV and IREN, while WULF, HUT, CIFR and APLD stand to benefit as new entrants compete for scarce powered capacity and recent lease economics point to improving pricing.

Debt pricing is better than modeled, validating a REIT-like 8% cost of capital, as capital markets now price these assets as infrastructure, not mining.

Morgan Stanley remains overweight companies tied to the “time to power” theme, arguing power availability will remain one of the biggest constraints on AI infrastructure expansion.

Morgan Stanley raised its price target to $53.50 from $42.50, driven by newly added sites and a more favorable valuation methodology.

The firm now values unsigned pipeline MWs at 80% of hyperscaler-backed economics, reflecting increased confidence in the company’s ability to secure hyperscaler-quality contracts.

The company added a 500MW Texas site, increasing its pipeline to 3,070MW from 2,570MW.

The stock still trades below recent approximately $15/watt transaction benchmarks, with an implied value of roughly $10.75/watt.

WULF/CIFR: Morgan Stanley Raises PTs on Expanded Pipelines and Higher Valuation Framework

The firm argues compute scarcity is intensifying as Anthropic faces more service disruptions and token throttling, while the SpaceX/xAI agreement implies pricing well above current NEO market rates. Arete highlights CRWV’s ~$100bn order book, Nebius already...