JPMorgan Chase Upgrades Cipher and CleanSpark Ratings, Lowers MARA and Riot Price Targets, Bitcoin Mining Firms See Overall Revaluation

November 25th: In its most recent industry report, JPMorgan Chase carried out a comprehensive rating adjustment of Bitcoin mining companies and data center operators that are transitioning to High-Performance Computing (HPC). This indicates that the industry is entering the "high certainty stage of HPC/cloud computing transformation." Since the end of September, mining companies have signed more than 600 MW of long-term AI/HPC contracts. These include partnerships with industry giants such as AWS, Google-backed Fluidstack, and Microsoft. JPMorgan anticipates that by the end of 2026, mining companies will announce approximately 1.7 GW of critical IT load build-out plans, which accounts for about 35% of the approved power capacity. The rating changes are as follows: · Cipher Mining: Upgraded to Overweight, with a target price of $18 (previously $12); · CleanSpark: Maintained at Overweight, with a target price of $14; · IREN: Target price $28 → $39, but still maintained at Underweight; · MARA: Target price $20 → $13; · Riot: Target price $19 → $17. JPMorgan Chase estimates that mining companies will add 1.7 GW of critical IT HPC capacity by 2026.