Bernstein analysts pointed out that companies such as Google and Blackstone have pushed for over $90 billion in AI data center transactions, driving the growth of demand for AI computing infrastructure and benefiting Bitcoin mining companies. Analysts have given IREN, Riot Platforms, CleanSpark, and Core Scientific a "outperforming" rating, with IREN's target price of $100, which has approximately 98% upside potential compared to the current stock price. The report states that mining companies have mastered over 27 GW of planned electricity capacity, while it takes an average of nearly 50 months for the United States to obtain 1 GW of new electricity. Mining companies have a scarcity advantage in expanding AI data centers, while also highlighting risks such as regulatory, environmental, grid restrictions, and financing pressures.
