UBS: Bitcoin Miners Pivot to AI Hosting, Five Stocks Average 36% Gain
Source：
www.techflowpost.com
UBS believes that the scarcity of power interconnection supports rents and development yields. The tenant mix is transitioning from newer cloud providers to higher-credit entities, with Meta, Amazon, AMD, Nvidia, and Anthropic securing leases in succession. Hut 8 and TeraWulf demonstrate the highest pipeline visibility, Applied Digital and Cipher Digital are experiencing the fastest improvement in tenant quality, while Core Scientific and Applied Digital lead in delivery progress. The five companies currently trade at 12x to 18x 2028 EBITDA, below the approximately 19x multiple for data center REITs.
