Bernstein Brands Bitcoin Miners 'Power Landlords of AI' with 9x Revenue by 2030

Bernstein's June 4 initiation of coverage on TeraWulf and Cipher Digital marks the latest milestone, labeling select miners 'power landlords of AI' and forecasting aggregate AI revenue surging ninefold from $1.2B in 2026 to $10.7B by 2030. The pivot began May 13 when Phoenix Group partnered with DC Max on an 18 MW Lyon facility as the first step in an $8 billion European platform. Bernstein's May 19 report revealed $90 billion in announced AI deals covering 3.7 GW across miners controlling 27 GW of planned power. Stocks surged May 26-27, with TeraWulf jumping 17% and peers gaining over 5%, while the June 1 disclosure of a 24-year-old hedge fund's 3.4 million HIVE share purchase underscores how power-ready miners are attracting capital beyond traditional crypto exposure.