Core Viewpoint - JPMorgan has upgraded its outlook for Bitcoin miners, specifically Cipher Mining and CleanSpark, while reducing expectations for several larger companies in the sector [1] Group 1: JPMorgan's Outlook on Bitcoin Miners - Cipher Mining was upgraded to Overweight, with its price target for December 2026 raised from $12 to $18 [5] - CleanSpark was also upgraded to Overweight, maintaining its price target at $14 [7] - Analysts noted that miners are entering a "higher-conviction" phase of high-performance computing (HPC) expansion, with over 600 MW of AI-linked deals signed with major tech companies since late September [5] Group 2: Market Reactions and Criticism - JPMorgan faced backlash from the crypto community after a research note suggested that MicroStrategy may be removed from MSCI indices due to its significant Bitcoin holdings [2][3] - The potential outflows from MSCI indices could reach up to $2.8 billion, and as much as $8.8 billion if other index providers follow suit [3] - Prominent Bitcoin users have called for a boycott of JPMorgan in response to the bank's actions [3] Group 3: Company-Specific Developments - Cipher Mining is positioned at the intersection of large-scale data infrastructure and the crypto mining ecosystem, operating industrial Bitcoin mining facilities that convert low-cost energy into computational power [6] - Analysts expect Cipher to secure 480 MW of critical-IT capacity by 2026, which would represent about 64% of its approved capacity [6] - CleanSpark has an estimated 200 MW of HPC potential at its recently acquired 285-MW site in Texas [7]

Earnings Reports Overview - The current earnings season is nearing its end, with notable companies reporting during the holiday-shortened week [1] - Retail investors are particularly focused on earnings reports from major companies [1] Company-Specific Earnings Reports - WeRide Inc. (NASDAQ:WRD) and LexinFintech Holdings Ltd. (NASDAQ:LX) reported before the market opened on November 24, both showing better-than-expected results, leading to stock price increases [2] - Zoom Communications Inc. (NASDAQ:ZM) is expected to report third-quarter results after the market closes on November 24, with analysts predicting earnings of $1.44 per share and revenue of $1.21 billion [3] - Alibaba Group Holding Ltd. (NYSE:BABA) will release its Q2 earnings report before the market opens on November 25, with expectations of adjusted earnings of 81 cents per share and revenue of $34.43 billion [3] - Retailers Kohl's Corp. (NYSE:KSS) and Best Buy Co. Inc. (NYSE:BBY) are anticipated to provide insights into consumer behavior with their reports on November 25 [4] - Cleanspark Inc. (NASDAQ:CLSK), Dell Technologies Inc. (NYSE:DELL), and Zscaler Inc. (NASDAQ:ZS) are set to report after the market closes on November 25 [5] - Li Auto Inc. (NASDAQ:LI) and EHang Holdings Ltd. (NASDAQ:EH) will report their results before the market opens on November 26, alongside Deere & Co. (NYSE:DE), which has consistently beaten analyst expectations for 12 consecutive quarters [6] Market Schedule - U.S. stock markets will be closed on November 27 for the Thanksgiving holiday [8] - The stock market will have an early closure at 1 p.m. ET on November 28 [9]

Core Insights - Cipher Mining Inc. and CleanSpark Inc. received upgrades from JPMorgan following a refreshed outlook on Bitcoin miners and adjustments to price targets for legacy operators [1][4][6] Group 1: Market Outlook - JPMorgan analysts noted a significant shift towards high-power computing (HPC) among miners, with over 600 megawatts of AI-related deals signed since late September [2] - The bank anticipates miners will announce approximately 1.7 gigawatts of additional critical-IT capacity by late 2026, which would represent about 35% of their approved power footprint [2][3] Group 2: Cipher Mining Inc. - Cipher Mining was upgraded to Overweight from Neutral, with its price target raised to $18 from $12, attributed to recent 410-megawatt HPC contracts and a 45% pullback in share price [4] - The company is expected to secure around 480 megawatts of critical-IT capacity by 2026, equating to roughly 64% of its approved footprint [4][5] - Long-duration sites planned for 2028-2029 could enhance valuations if the company successfully transitions to full HPC [5] Group 3: CleanSpark Inc. - CleanSpark was also upgraded to Overweight, with a reiterated price target of $14, supported by the potential of its new 285-megawatt Texas site, which is assigned roughly 200 megawatts of critical-IT capacity [6][7] - The capacity at the Texas site is valued at about $13 million per megawatt, reflecting a stronger revenue profile from high-density IT loads [6] Group 4: Other Companies - IREN Limited's price target was increased to $39 from $28 following a $9.7 billion cloud-capacity deal, with an expected 660 megawatts of contracted critical-IT load by 2026 [8][9] - Price targets for MARA Holdings Inc. and Riot Platforms Inc. were cut due to falling Bitcoin prices and rising network hashrate, with MARA's target reduced to $13 from $20 and Riot's to $17 from $19 [10][11]

Investors with a lot of money to spend have taken a bullish stance on Cleanspark (NASDAQ:CLSK).And retail traders should know.We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CLSK, it often means somebody knows something is about to happen.So how do we know what these investors just did? Today, Benzinga's options scanner spott ...

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Core Insights - The Bitcoin mining sector is facing significant valuation distortions due to inaccurate diluted share counts, which are underreported by 20%–33% for key companies, leading to an understatement of their combined market cap by approximately $8 billion [2][4]. Group 1: Valuation Discrepancies - JPMorgan's analysis indicates that the diluted share counts for Cipher Mining Inc and CleanSpark Inc have increased by about 20%, while Riot Platforms Inc and Marathon Digital Holdings Inc have seen increases of over 30% due to various stock issuances [4][6]. - The reliance on Bloomberg's diluted share counts as a reference point for market cap and enterprise value calculations results in investors undervaluing these companies [4][6]. Group 2: Sector Dynamics - The Bitcoin mining sector is bifurcating, with Cipher and CleanSpark benefiting from multi-year high-performance computing contracts and new data center capacities, which are becoming more valuable than Bitcoin mining itself [5]. - Conversely, Riot and Marathon, as the largest holders of Bitcoin, are experiencing reduced price targets due to deteriorating Bitcoin economics and increasing share counts [6]. Group 3: Implications for Investors - The inaccuracies in share counts lead to flawed financial ratios and valuation comparisons, which are critical for identifying genuine investment opportunities in a sector undergoing a significant business model transition towards AI-driven HPC revenue [7].

Core Insights - CleanSpark stock (NASDAQ: CLSK) has experienced a significant decline of approximately 50% over the past month due to three primary factors: a substantial convertible note offering, fluctuations in Bitcoin prices, and negative market sentiment [2][3]. Group 1: Convertible Note Offering - In November 2025, CleanSpark announced a $1.15 billion offering of zero-coupon convertible senior notes, which raised concerns about potential stock dilution, leading to a negative market reaction and downward pressure on the stock price [2]. - Despite allocating a portion of the proceeds for a stock buyback, the adverse reaction from the market persisted [2]. Group 2: Bitcoin Price Volatility - As a Bitcoin mining company, CleanSpark's performance is closely tied to Bitcoin prices. Recent declines and volatility in Bitcoin have increased selling pressure on CLSK, negatively impacting profitability and investor confidence [2][3]. Group 3: Market-Wide Sentiment - Broader market weaknesses, particularly in the AI and crypto sectors, have intensified negative sentiment surrounding CleanSpark stock [3]. - The stock has historically underperformed compared to the S&P 500 during economic downturns, raising concerns about its resilience in a declining market [5][7]. Group 4: Historical Stock Performance - CLSK stock has seen a dramatic decline of 95.6% from a high of $40.39 on January 7, 2021, to $1.78 on December 19, 2022, while the S&P 500 experienced a peak-to-trough drop of 25.4% during the same period [7]. - The stock reached a high of $23.40 on March 25, 2024, but currently trades at $9.73, indicating it has not regained its pre-crisis peak [7]. Group 5: Investment Strategy - For investors concerned about volatility, a diversified portfolio approach is suggested, as individual stocks like CLSK can be highly volatile [9]. - The High Quality Portfolio has consistently outperformed its benchmark, providing a smoother investment experience compared to holding individual stocks [3][9].

Core Insights - JPMorgan upgraded Bitcoin miners Cipher Mining and CleanSpark to Overweight due to increased confidence in miners' colocation strategies driven by high-performance computing agreements [1][3] Group 1: Valuation Changes - A megawatt of critical IT colocation capacity is now valued between $8 million to $17 million, up from $4 million to $9 million [2] - A megawatt of critical IT cloud capacity could be worth as much as $19 million, compared to $12 million previously [2] - Cipher received a new price target of $18 for December 2026, up from $12, while CleanSpark's target remains at $14 [3] Group 2: Capacity Projections - Cipher could reach about 480 MW of critical IT capacity by 2026, reflecting 64 percent of its approved power portfolio [4] - CleanSpark's outlook includes assumptions for a colocation contract at its 285 MW site in Texas by late 2026 [4] - JPMorgan assigned a blended valuation of $14 million per MW for Cipher and $13 million per MW for CleanSpark [4] Group 3: Other Company Targets - IREN's price target was raised to $39 from $28, while Riot Platforms' target was lowered to $17 from $19 and MARA Holdings' target to $13 from $20 [5] - IREN's target is based on a critical IT valuation of $17 million per MW and an assumed 660 MW of HPC load by 2026 [5] Group 4: Share Count Adjustments - JPMorgan's diluted share-count estimates are 20 percent to 33 percent higher than Bloomberg figures due to factors like at-the-market issuance programs and convertible-note dilution [6] - Cipher's diluted share count was revised to 480 million, and CleanSpark's estimate rose to 334 million [7] - Combined diluted market capitalizations for Cipher, CleanSpark, IREN, Riot, and MARA were about $8 billion higher than indicated using Bloomberg share-count data [7] Group 5: Market Conditions - Bitcoin's decline of about 17 percent since the last update led to revisions in mining-related assumptions [8] - The updated baseline network hashrate is now 1,080 EH/s, with daily revenue per EH/s at $39,600 [8] - Mining businesses were valued using a range of $1 million to $2 million per MW based on cost structures and expected post-halving margins [8]

Group 1 - Bitcoin's price peaked at just above $88,000 over the weekend, rebounding from around $80,000 earlier on Friday, but showed signs of stalling by Monday [1] - JPMorgan updated its views on several bitcoin miners, including upgrades for Cipher Mining (CIFR) and CleanSpark (CLSK) [1] - Bitcoin's recent performance has been affected by liquidations and ETF outflows, contributing to a worsening crypto retreat [2] Group 2 - Bitcoin miners are expanding their operations, with Cipher Mining increasing its high-performance computing (HPC) and AI deal with Fluidstack and Google [4] - The stock market rally remains uneven, but Nvidia's earnings have boosted optimism in the tech sector [4] - Cipher Mining's composite rating has climbed to 98, indicating strong performance in the market [4]

Core Viewpoint - JPMorgan is enhancing its outlook on U.S.-listed bitcoin miners due to a shift towards high-performance computing (HPC) deals, which are expected to provide long-term revenue clarity [1][3]. Company Summaries - Cipher Mining (CIFR) has been upgraded to overweight from neutral, with a price target increase from $12 to $18, reflecting a 4.2% rise in early trading to $14.74 [1]. - CleanSpark (CLSK) was also upgraded to overweight from neutral, with shares rising 4.6% in pre-market trading to $10.18 [1]. - IREN's price target was raised to $39 from $28, while maintaining an underweight rating; shares increased by 2.2% to $43.20 [2]. - MARA Holdings (MARA) and Riot Platforms (RIOT) saw their price targets reduced due to lower bitcoin prices, with MARA's target cut to $13 from $20 and RIOT's to $17 from $19; MARA shares rose 2.8% to $10.35 and RIOT gained 1.8% to $12.94 [2]. Industry Insights - JPMorgan noted over $19 billion in contracted revenue across 600 megawatts (MW) of IT capacity signed by IREN and Cipher, indicating a shift from bitcoin-only operations to hybrid HPC models [3]. - The bank anticipates approximately 1.7 gigawatts (GW) of critical IT capacity across its coverage by late 2026, primarily driven by IREN and Cipher [3]. - Cipher's recent 45% pullback from highs presents a strong entry point, supported by 600 MW of contracted capacity with major clients like AWS and Fluidstack [4]. - CleanSpark's upgrade reflects around 200 MW of potential HPC capacity at its new Texas site [4]. - The analysts have assigned higher equity values per megawatt, estimating $8 million to $17 million for colocation and up to $19 million for integrated cloud services, influenced by lower discount rates and improved cash-flow visibility [4]. - Riot and CleanSpark exhibit significant upside potential under a full HPC conversion, while Cipher retains the largest long-term optionality when considering unapproved future capacity [5].