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Morgan Stanley initiated coverage of Cipher Mining (CIFR) and TeraWulf (WULF) with Overweight ratings and price targets of $38 and $37, respectively. CIFR shares rose 12.4% to $16.51, and WULF increased 12.8% to $16.12.

In contrast, Marathon Digital (MARA) was rated Underweight with an $8 target, with shares slightly up to $8.28. Analyst Stephen Byrd argues that data centers should be viewed as infrastructure assets with stable cash flows rather than pure bitcoin investments. He expects TeraWulf to grow its data center capacity significantly while highlighting Marathon's reliance on bitcoin mining economics, which presents profitability risks.