A research report from the University of Oregon's student fund recommends a full position buy on AI mining project Pearl, with a target price of $2.5 to $3.

Oregon University’s blockchain group Dorm DAO has released a research report recommending a full-position buy on AI mining project Pearl (PEARL), setting a target price of $2.5 to $3. The project currently has a market capitalization of approximately $531 million. The report notes that Pearl is a Layer 1 public blockchain utilizing the "Useful Proof of Work (PoUW)" mechanism, which replaces traditional PoW computations with matrix multiplication, allowing GPUs to participate in network security maintenance and earn token rewards while executing AI tasks. The group cites potential listings on Coinbase and Kraken, an FP8 core upgrade, and the AI computing power narrative as its key growth catalysts. However, the report also flags risks: less than 1% of blocks currently involve real AI tasks, token supply is projected to grow by around 86% next year; additionally, roughly 122 million tokens were minted in the first six days of the mainnet launch, the team’s internal holdings of these tokens have not been disclosed, and the project has not yet completed third-party code audits.