Odaily Planet Daily News reports that Morgan Stanley analyst Stephen Byrd stated that despite Bitcoin prices dropping 44% since October, Bitcoin mining companies have gained new life as AI data centers. Stephen Byrd initiated coverage on Terawulf and Cipher Mining on Monday, expecting their stock prices to increase by 159% and 158%, respectively. Stephen Byrd pointed out that the core asset of mining companies is access to electricity, and AI companies are willing to pay a premium to acquire electricity, with the economic benefits of AI businesses surpassing those of cryptocurrency mining. Currently, Terawulf has signed a 510 MW power agreement with Google, and Cipher Mining has reached similar collaborations with companies like Amazon. Additionally, Stephen Byrd assigned a underperform rating to MARA Holdings, believing its AI strategy is not focused enough.
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