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Wall Street is buzzing about the AI trade, but the industry faces a severe bottleneck: power availability.
Because traditional data center development faces years of regulatory and grid interconnection delays, Bitcoin miners with existing, large-scale energized power capacity have become strategic assets. Hyperscalers like Microsoft and AWS are turning to these operators to meet their immediate deployment needs.
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Analysts from Citizens JMP initiated coverage of five former Bitcoin miners on Wednesday, as the companies transition to providing high-performance computing (HPC) and AI infrastructure.
The analysts initiated coverage on the following companies:
Citizens JPM sees the current boom in building AI infrastructure as a race for global power, similar to the Space Race of the 1950s.
"We believe we might be on the cusp of a ‘Sputnik-like’ moment, where government stimulus could greatly accelerate the U.S. effort to control AI globally," the analysts wrote.
US vs. China: The AI race is a matter of national security and a competition between the U.S. and China to control the future of AI.
Just as the Soviet Union’s Sputnik satellite launch in 1957 pushed the U.S. to take the space race seriously, rapid AI advances are pushing the U.S. to ensure it stays ahead.
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Government Help: The U.S. government might soon step in with money and support. The analysts point to the White House’s “America’s AI Action Plan” as a sign that direct federal funding could be forthcoming.
If the government perceives that the U.S. is falling behind, it might spend big to accelerate construction, as it did for the space program.
Easier Rules: The government wants to make it easier to connect new power sources to the grid, which Citizens views as another potential catalyst for these companies. Instead of red tape slowing things down, regulations might actually speed things up.
Former Bitcoin miners are transforming into critical strategic assets in the U.S.-China AI race, as their ready-to-deploy power infrastructure offers the only immediate solution to the energy shortage facing desperate hyperscalers.
Citizens JMP views the pivot to high-performance computing as a massive valuation unlock and adds coverage on these five former miners to its existing coverage of Applied Digital Corp. (NASDAQ:APLD), Core Scientific, Inc. (NASDAQ:CORZ), CoreWeave, Inc. (NASDAQ:CRWV), Hut 8 Corp. (NASDAQ:HUT) and TeraWulf, Inc. (NASDAQ:WULF).
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