Morgan Stanley initiates coverage on bitcoin miners pivoting to AI data centers

AnalystDigital Finance
โดย Investing.com·Read original
Summary · why it matters

Morgan Stanley initiated coverage on bitcoin miners transitioning to AI infrastructure providers, arguing that companies with large, grid-connected power assets are well positioned to benefit from surging demand for AI data centers. The brokerage assigned Overweight ratings to Hut 8 Mining and Riot Platforms, while giving Applied Digital an Equal-weight rating. It named Hut 8 its top pick with a $263 price target, implying about 141% upside, citing its strong portfolio of power assets and high-quality AI infrastructure leases. Riot Platforms received a $36 price target, with Morgan Stanley highlighting its large pipeline of powered sites, including the Corsicana and Rockdale campuses, as attractive for AI data center leases. Applied Digital was given a $36.50 price target, with the firm noting that lower returns on invested capital relative to peers and financing risks temper upside potential despite a sizable contracted AI data center lease portfolio. Morgan Stanley estimates that U.S. data center developers could still face power shortages through 2028 even if all major bitcoin mining sites are repurposed for AI workloads.

Impact on stocks 4

Artificial Intelligence▲ · 2 stocks
Applied Digital Corporation
APLD
± MixedCapitalrelevance

Morgan Stanley initiated with Equal-weight, noting lower returns on invested capital and financing risks temper upside despite AI lease portfolio.

Hut 8 Corp. Common Stock
HUT
▲ PositiveCapitalrelevance

Morgan Stanley initiated with Overweight, top pick with $263 target (141% upside), citing strong power assets and AI infrastructure leases.

Digital Finance & Tokenization▲ · 1 stocks
Riot Platforms, Inc.
RIOT
▲ PositiveCapitalrelevance

Morgan Stanley initiated with Overweight, $36 target, highlighting large pipeline of powered sites attractive for AI data center leases.

Financials▲ · 1 stocks

Theme Impact 5

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