新兴AI基础设施.docxVIP

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  • 2026-07-01 发布于北京
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BERNSTEIN

sOCIETEGENERALEGROUP

3June2026Initiation

GlobalDigitalAssets

EmergingAlInfra-Initiatingcoverage(TeraWulf,CipherDigital):ThePowerLandlordsofAI

WeareinitiatingcoverageonTeraWulf(WULF)andCipherDigital(CIFR)withanOutperformrating.WULFandCIFRstandoutfortheiractivemulti-GWpowerdevelopmentpipelne,

strongorderbook(~$24Bn)withhyperscalersponsorshipandacapital-lightleasemodelleadingtoarapidAl-revenuerampup.Overthelast2years,Bitcoinminershavecontractedout6GWofpowercapacitytohyperscalersandneocloudoperatorsacross17dea

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