Due to the shift towards AI infrastructure development, Macquarie has given multiple Bitcoin mining stocks a 'outperform the market' rating
According to The Block, based on the trend of transitioning towards artificial intelligence and high-performance computing (HPC), financial services group Macquarie has given Bitcoin mining stocks such as MARA, Riot Platforms, Core Scientific, CleanSpark, and Cipher Mining an "outperform" rating.
In recent years, Bitcoin mining companies have gradually diversified their business, providing AI and HPC hosting infrastructure in addition to pure cryptocurrency mining. Macquarie analysts Paul Golding and Emma Liang stated that this trend accelerated after the fourth Bitcoin halving in April.
Analysts wrote in a report released on Tuesday:
Some miners see their unprecedented access to electricity as an opportunity to diversify into custody businesses unrelated to cryptocurrency. Others believe this will interfere with accumulating Bitcoin on the balance sheet... but in most cases, the growth of mining capacity and/or land/GPU acquisitions for HPC/AI are achieved through diluted equity issuances
Macquarie believes that as the transition to HPC accelerates, multiple mining companies will benefit significantly in the long term. Analysts also pointed out that although the operation of AI cloud products in Bitcoin miners' facilities is still in the early stages, these companies have the potential to play an important role in the AI computing market.
They stated that the convergence of power infrastructure, computing resources, and bandwidth in the mining industry represents tangible value that exceeds Bitcoin's expected appreciation. As demand continues to exceed supply, the demand for AI computing infrastructure provides a "mark to market" opportunity.
Opinions on various mining companies
Within Macquarie's institutional Bitcoin miner community, MARA (formerly Marathon Digital, stock code MARA) continues to have the largest deployment capacity while providing infrastructure for the industry. They set a target price of $22 for the stock and consider it the largest company with extensive exposure to Bitcoin infrastructure. MARA closed at $16.14 on Wednesday, down nearly 30% year to date.
Macquarie stated that Riot's mining site is relatively large in the industry, and once fully constructed, it will improve operational efficiency while promoting the development of customized cooling infrastructure. Riot's stock (stock code RIOT) closed at $7.44 on Wednesday, down 51% year to date. Macquarie has set a target price of $15 for the stock.
Core Scientific is currently the only mining company with large-scale HPC/AI custody transactions, which diversifies its revenue and reduces Bitcoin risk. The target price of $16 offered by Macquarie is based on the company's AI custody opportunities while maintaining its BTC mining scale. Core Scientific's stock (stock code CORZ) closed at $12.35 on Wednesday, with an increase of over 260% in 2024.
Macquarie pointed out that CleanSpark continues to acquire small mining companies while maintaining its sustainable development spirit and increasing the scale of its merged mines. Given the company's differentiated characteristics in terms of geographic location and acquisition strategy, Macquarie has set a target price of $20 for its stock. CleanSpark's stock (stock code CLSK) was trading at $9.34 on Wednesday, down 12.5% year to date.
Macquarie stated that Cipher Mining is reaching its peak of development, and its wholly-owned Odessa mining site has been completed. The company has also announced a series of new mining sites that support Bitcoin mining and/or HPC. Given that we believe there may be a turning point in profits and scale in the near future, the company has set a target price of $6 for its stock. Cipher Mining's stock (stock code CIFR) was trading at $3.86 on Wednesday, a 6.4% decline from the beginning of the year to date.
(责任编辑:现货金)
-
当音乐制作者们将合成歌曲上传至niconico后,再由其他的音乐爱好者将原创的Vocaloid歌曲以自己的嗓音进行翻唱,或者是由一些精通乐器的用户以乐器重新演奏歌曲。...[详细]
-
软文外链对于很多人来说是个不错的选择,但是并不是所有人都能够写出投稿级别的软文的,即使是偶尔能够写出一篇,很难保证文章数量的持续写作。...[详细]
-
杭州公积金贷款怎么申请?我想在杭州申请公积金贷款买房,怎么弄。
我们联合邀请了蜻蜓FM、华尔街见闻、知识分子等新锐媒体创始人,也包括第一财经、咪咕视讯的等传统媒体的掌门人,另外作为活跃在内容投资领域的真格基金,也加入了沙龙的讨论。...[详细]
-
例如一个学习经济学的课程,我可以把对北京房价的分析,对美国利率的变化给你做相近的分析,但是如果你想掌握我这种分析的方法,自然是要付费的。...[详细]
-
先简单回顾一下事件: 一名男子与两名女孩因为推广扫码发生冲突,男子全程脏话,实在不堪入耳。...[详细]
-
也就是说,把一个学生从“学渣型态度”一步步转化为“学霸型态度”。...[详细]
-
document.writeln('关注创业、电商、站长,扫描A5创业网微信二维码,定期抽大奖。...[详细]
-
在这里我撕过开发,怼过产品,跟运营更是争论了不少次,还顶撞过老板呢,战绩累累,哈哈哈!当然也没用的哭过好多次,每次争论后自己是最不好受的。...[详细]
-
另外在APPStore免费应用排行中一度冲到前三。...[详细]
-
美图虽然上市,但上市前估值曾高达50亿美元,如今在港股市场的境况却令人唏嘘,大涨大落的背后不排除沦落为南下游资的操控。...[详细]