Bernstein Targets Bitcoin Mining Stocks on AI Data Center Opportunity, IREN at $100

According to Bernstein, Bitcoin mining companies are poised for significant valuation rerating as major players in AI data center infrastructure. The research firm cites over $90 billion in announced AI infrastructure collaborations involving roughly 3.7 GW of power capacity among hyperscalers, cloud providers, and chipmakers. Bernstein assigned "outperform" ratings to IREN, Riot Platforms, CleanSpark, and Core Scientific, with IREN priced at a $100 target (implying 98% upside) and CleanSpark at $24 (78% upside).

The research highlights that Bitcoin mining firms collectively control over 27 GW of planned power capacity, positioning them as critical infrastructure for AI expansion, particularly in U.S. regions where new 1 GW power connections can take up to 50 months.