Bernstein initiates coverage on two bitcoin mining companies, TeraWulf and Cipher Digital, framing them as “power landlords” for the AI boom. Both outlets report that the firm assigns “Outperform” ratings to the miners and sets price targets of $36 for TeraWulf and $32 for Cipher Digital. The coverage highlights a thesis that bitcoin miners’ access to power and infrastructure increasingly positions them to benefit from growing demand tied to AI-related computing and data-center expansion. Bernstein projects that AI-related revenue for these firms can grow substantially over the coming years, with one report describing a ninefold increase by 2030. The articles present the view as a forward-looking analysis from Bernstein at the start of coverage, rather than confirmation of any new business outcome. Overall, the reporting is centered on Bernstein’s ratings, target prices, and its forecast linking AI growth to incremental revenue potential for bitcoin miners through their power supply capabilities.