According to ChainCatcher, brokerage firm Bernstein said in a research report that Bitcoin miners are powerful partners in helping to build artificial intelligence (AI) data centers because they have available power and operational capabilities. The report said that recent AI transactions, including Core Scientific's 12-year agreement with CoreWeave and Coatue Management's $150 million investment in Hut 8, have become key catalysts for the industry.
Additionally, Bernstein initiated coverage on mining company Iris Energy with an 'outperform' rating and a $26 price target. The brokerage also initiated coverage on Core Scientific with an 'outperform' rating and a $17 price target. Iris Energy was trading at $13.40 in early trading Tuesday, while Core Scientific was trading at $9.79.