JPMorgan Chase's latest industry report, a comprehensive rating adjustment for bitcoin miners and data center operators transitioning to high-performance computing (HPC), shows that the industry is entering a "high-certainty phase of the HPC/cloud computing transition".
Since the end of September, miners have signed more than 600 MW of long-term AI/HPC contracts, including collaborations with AWS, Google-backed Fluidstack, Microsoft, and other giants. JPMorgan expects that by the end of 2026, miners will announce plans to build an additional 1.7 GW of critical IT loads, accounting for about 35% of approved power capacity.
The rating changes are as follows:
Cipher Mining: raised to overweight, target price $18 (previously $12);
CleanSpark: maintain overweight, target price of $14;
IREN: target price $28 → $39, but still maintain underweight;
MARA: Target price, $20 → $13;
Riot: Target price $19 → $17.
JPMorgan expects miners to add 1.7 GW of HPC critical IT capacity by 2026.
JPMorgan Chase upgrades Cipher and CleanSpark ratings, downgrades MARA and Riot price targets
2025-11-24 18:03:03
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