Investing.com -- Bernstein initiated coverage of TeraWulf and Cipher Digital with Outperform ratings in a note on Thursday, arguing that Bitcoin miners are uniquely positioned to meet surging demand for AI computing infrastructure through their large-scale power portfolios and ability to deliver operational data center capacity quickly.

Analyst Gautam Chhugani told investors that Bitcoin miners have contracted out 6 gigawatts of power capacity to hyperscalers and neocloud operators across 17 deals worth more than $110 billion over the past two years, contributing roughly 10% of AI data centers currently under construction.

"Bitcoin miners remain best positioned to solve 'time to compute' given their planned 30 GW power portfolio and operating ability to deliver 'warm powered shells' in time," Chhugani wrote.

Bernstein expects aggregate AI revenue across its coverage universe to grow ninefold from $1.2 billion in 2026 to $10.7 billion by 2030.

TeraWulf, rated Outperform with a $36 price target, holds a 3.8 gigawatt power portfolio built through acquisitions of brownfield sites.

Bernstein projects AI revenue growing from $14 million in 2025 to $1.7 billion by 2030, with EBITDA margins reaching approximately 84%. The firm noted roughly $1 billion in ARR already contracted, including a joint venture.

Cipher Digital, rated Outperform with a $32 price target, carries an $11.4 billion order book backed 67% by hyperscalers. Its triple-net lease structure shifts operating costs entirely to tenants, producing margins above 99%.

Bernstein projects AI revenue reaching approximately $1.2 billion by 2030, with EBITDA margins of approximately 93%.