The post Macquarie Rates Bitcoin Mining Stocks as “Outperform” Amid Shift to AI and HPC appeared on BitcoinEthereumNews.com.

Macquarie Rates Bitcoin Mining Stocks as “Outperform” Amid Shift to AI and HPC Macquarie has initiated “outperform” ratings for several major Bitcoin mining stocks, including Marathon Digital (MARA), Riot Platforms, Core Scientific, CleanSpark, and Cipher Mining, according to a report by The Block. This rating comes as these companies are beginning to pivot towards artificial intelligence (AI) and high-performance computing (HPC), expanding beyond traditional Bitcoin mining. Despite mixed performance in 2024, Macquarie’s ratings highlight the potential for growth in these companies as they embrace new technologies like AI and HPC. Core Scientific, in particular, has seen a remarkable rise of over 260% year-to-date, while the other companies have experienced declines. Macquarie’s “Outperform” Ratings and Price Targets Macquarie’s “outperform” rating signals that the firm expects these Bitcoin mining stocks to outperform the broader market in the near future, particularly as the companies shift towards AI and HPC. Here are the price targets Macquarie has set for each company: These price targets reflect Macquarie’s optimism that the pivot toward AI and high-performance computing will provide these companies with new avenues for revenue growth and business expansion. Shift Towards AI and HPC A key factor behind Macquarie’s bullish outlook on these Bitcoin mining companies is their growing involvement in AI and HPC. While Bitcoin mining remains the primary business model, companies like Marathon, Riot, and Core Scientific are increasingly investing in the infrastructure and technology required for AI processing and high-performance computing. By diversifying into these sectors, these companies are positioning themselves to benefit from the surging demand for AI processing power and HPC, which are becoming critical in fields such as machine learning, data analysis, and cloud computing. This strategic shift not only reduces their dependence on Bitcoin’s price volatility but also opens up new growth opportunities in emerging high-tech industries. Core…

---

Filed under: News - @ September 26, 2024 6:21 am