Cipher Digital Inc. (NASDAQ:CIFR) has emerged as a standout performer in the high-performance computing space, with its stock momentum score surging to a near-perfect 98.89 according to Benzinga Edge. The technical surge is backed by staggering price action, with shares up 663.90% over the past year and a 53.99% leap over the last month alone. On June 3, Bernstein SocGen Group initiated coverage on CIFR with an 'Outperform' rating and $32.00 price target, implying a projected 21.95% upside from current levels. The stock has risen 77.78% year-to-date and 40.85% in the six months, significantly outperforming the 15.57% YTD gain of the Nasdaq Composite index. CIFR shares have traded in a 52-week range of $3.29 to $28.62, with the stock down 3.20% in premarket trading on Thursday.
Wyoming has established a comprehensive framework for AI data center development through Governor Mark Gordon's executive order titled 'Data Centers the Wyoming Way'. The directive, published Wednesday, directs state agencies to support responsible development of large-scale data centers and advanced computing projects, with the framework emphasizing water and environmental sustainability, workforce development, and protections for residential electricity customers. As reported by TradingView, this executive order applies to executive branch agencies involved in permitting, reviewing, regulating, supporting, or facilitating large-scale data center development within Wyoming. The state's push into AI and data centers aligns with its broader efforts to leverage energy resources and business-friendly policies to attract technology investment, with Wyoming also emerging as a hub for Bitcoin mining.
Bernstein has initiated coverage on TeraWulf and Cipher Digital with Outperform ratings and price targets of $36 and $32 respectively, positioning both Bitcoin miners as emerging AI infrastructure platforms. According to reports from The Block, analysts led by Gautam Chhugani dubbed them 'the power landlords of AI' — highlighting their brownfield sites, legacy grid positions, and multi-gigawatt power pipelines that provide a structural advantage over new data center entrants. The firm's analysis comes as several peers have diversified into AI and high-performance computing (HPC) services to offset pressure on mining revenues following the 2024 Bitcoin halving.
Bernstein projects aggregate AI revenue across its Bitcoin miner coverage to grow ninefold from $1.2 billion in 2026 to $10.7 billion by 2030. As reported by The Block, across the sector, miners have contracted 6 gigawatts of power capacity to hyperscalers and neocloud operators across 17 deals worth more than $110 billion over the past two years, representing roughly 10% of U.S. data centers currently under construction. The firm's analysis suggests miners are positioned to capture significant market share in the rapidly expanding AI infrastructure market, with AI-related infrastructure spending continuing to surge across the United States as four of the 'Magnificent 7' tech companies — Microsoft, Amazon, Meta Platforms and Google-parent Alphabet — are expected to invest more than $650 billion on AI and data center infrastructure this year alone. The AI infrastructure market is projected to expand at a compound annual growth rate of 23.8%.
For Cipher Digital, Bernstein projects AI revenue growing from $19 million in 2026 to $1.2 billion by 2030, representing a compound annual growth rate of approximately 180%, with EBITDA margins stabilizing at 93%. As reported by Benzinga, CIFR has contracted 495 IT megawatts across $11.4 billion in total revenue, with approximately 67% of the order book now backed by investment-grade hyperscalers, including AWS and an undisclosed third hyperscaler. The firm notes Cipher's evolution across successive deals as evidence of improving negotiating leverage, with the company raising $2 billion in project financing at 6.125% for its AWS contract at Black Pearl, which was 100 basis points tighter than the $1.7 billion raised for Barber Lake. Cipher Digital recently rebranded from Cipher Mining and has shifted its focus from Bitcoin mining to developing High-Performance Computing (HPC) data centers specifically for Artificial Intelligence workloads, securing $11.4 billion in long-term lease revenues tied to 907 MW of contracted capacity.
The positive market response to Bernstein's coverage reflects growing investor confidence in the AI infrastructure transition, with Cipher Digital demonstrating exceptional technical momentum and market performance. The company's $24 billion order book backed by hyperscaler sponsorship and planned 30 GW power portfolio position it as a compelling infrastructure play for 2026. In the competitive landscape, Cipher Digital appears to have advantages over competitors like IREN Limited, which faces near-term challenges from reduced Bitcoin mining revenues, contrasting with Cipher Digital's successful transition and strong contract pipeline in the expanding AI data center market. The firm's capital-light lease model is expected to lead to rapid AI-revenue ramp-up, allowing it to solve the critical 'time to compute' bottleneck for major tech players.
