Upgrades - Clear Street upgraded Plug Power (PLUG) to Buy from Hold with a price target of $3, down from $3.50, citing attractive upside following a recent selloff and noting dilution from convertible refinancing [2] - Keefe Bruyette upgraded TeraWulf (WULF) to Outperform from Market Perform with a price target of $24, up from $9.50, believing investors are underestimating the shift in TeraWulf's bitcoin mining to high performance compute leasing in 2026 and 2027 [3] Downgrades - Wedbush downgraded GlobalFoundries (GFS) to Neutral from Outperform with a price target of $40, down from $42, indicating that while there is potential for stronger revenues and margins, recent developments have delayed the realization of these catalysts [4] - Wedbush downgraded Tower Semiconductor (TSEM) to Neutral from Outperform with a price target of $125, citing valuation concerns as the stock approaches the firm's target price [4] - Truist downgraded DigitalBridge (DBRG) to Hold from Buy with an unchanged price target of $16, following SoftBank Group's all-cash acquisition announcement at $16 per share, with low probability of a competing bid [4] - Raymond James double downgraded OceanFirst Financial (OCFC) to Market Perform from Strong Buy without a price target, expecting significant dilution from the acquisition of Flushing Financial (FFIC) [4] - Raymond James downgraded Flushing Financial (FFIC) to Market Perform from Outperform without a price target, stating the acquisition by OceanFirst was at a fair price given the earnings challenges faced [4]

Core Viewpoint - Investment bank KBW upgraded TeraWulf (WULF) to "outperform" from "market perform" and raised its price target to $24 from $9.50, indicating a positive outlook on the company's shift from bitcoin mining to AI and high-performance computing leasing [1] Group 1: Company Transition and Growth Potential - The market is underestimating the earnings upside from TeraWulf's transition from BTC mining to HPC leasing, with significant growth catalysts expected from a 646 MW HPC leasing pipeline through 2027 [2][3] - TeraWulf's existing leases are projected to drive a 505% EBITDA compound annual growth rate (CAGR) from 2025 to 2027, supporting multiple expansion from the current 13.8x EV/EBITDA valuation [3] Group 2: Revenue and Profit Contribution - HPC leasing is expected to generate two-thirds or more of TeraWulf's revenue in 2026, with mining becoming largely immaterial by 2027 [4] - The majority of contribution profit is anticipated to come from HPC leasing, reflecting a significant shift in the company's revenue model [4] Group 3: Market Dynamics and Valuation - The report suggests that execution risk is lower than investors assume, citing secured financing for major build-outs and a strong track record of delivery [4] - KBW expects valuation upside as lease revenues scale in 2026, leading to cap-rate compression and potential new HPC deal announcements over the next year [5]

Group 1 - Terawulf Inc. (NASDAQ:WULF) is recognized as a top bitcoin mining stock, with a Buy rating from Rosenblatt Securities analyst Chris Brendler, who has set a target price of $20, indicating a potential upside of over 62% [1] - As of December 24, the stock has yielded nearly 118% in 2025, with all 10 analysts covering the stock assigning Buy ratings and a 1-year average price target of $21.73, suggesting an upside potential of 76.5% [2] - The company announced a significant update regarding its financial and strategic position, revealing that Flash Compute LLC issued $1.3 billion in senior secured notes to support its infrastructure operations, with a maturity in 2030 and an interest rate of 7.25% [3] Group 2 - Terawulf Inc. operates in the digital asset technology sector, focusing on bitcoin mining and high-performance computing, with a commitment to sustainability through energy-efficient data centers powered by 90% zero-carbon energy [4]

Core Insights - TeraWulf Inc. is transitioning from pure Bitcoin mining to High-Performance Computing (HPC) infrastructure to mitigate profitability challenges in the Bitcoin mining sector [2][3] Financial Performance - In Q3 2025, TeraWulf reported a GAAP revenue increase of 6% quarter-over-quarter, reaching $50.6 million, driven by $7.2 million in HPC lease revenue [2] - Bitcoin mining production decreased by 22% to 377 tokens, but adjusted EBITDA improved by 25% to $18.1 million, indicating a shift towards higher-margin HPC business [2] - The company reported a significant GAAP net loss of $455 million, compared to a loss of $18.4 million in the previous quarter [3] Strategic Developments - TeraWulf closed over $4.2 billion in transactions, including $3.2 billion in senior secured notes and $1.025 billion in convertible notes, to fund its expansion [3] - A 10-year agreement with Google is expected to generate $670 million in average annual revenue, supporting the expansion of the Lake Mariner facility [3] - The annual target for new HPC signings has been increased from 100 MW to a range of 250 to 500 MW, supported by a joint venture with FluidStack and Google for the Abernathy HPC campus in Texas [4]

Core Insights - The article highlights Uttam as a growth-oriented investment analyst focusing on the technology sector, particularly in semiconductors, artificial intelligence, and cloud software [1] - Uttam also researches other sectors such as MedTech, Defense Tech, and Renewable Energy, indicating a broad analytical scope [1] - The Pragmatic Optimist Newsletter, co-authored by Uttam and Amrita Roy, is recognized and cited by major publications like the Wall Street Journal and Forbes, showcasing its influence in the investment community [1] - Prior to his current role, Uttam gained experience in Silicon Valley, leading teams at major technology firms including Apple and Google, which adds credibility to his insights [1] Sector Focus - The primary sectors of focus for Uttam's research include semiconductors, artificial intelligence, and cloud software, which are critical areas for growth in the technology industry [1] - Additional sectors of interest include MedTech, Defense Tech, and Renewable Energy, reflecting a diverse investment landscape [1]

Core Insights - TeraWulf (WULF) is shifting its focus from Bitcoin mining to high-performance computing (HPC), which presents near-term revenue risks but aims for long-term cash flow stability [1][4] Company Performance - In Q3 2025, TeraWulf recognized approximately $7.2 million in HPC lease revenues after activating 22.5 MW of capacity at its Lake Mariner campus, although this is modest compared to Bitcoin mining revenues [2][9] - Bitcoin production decreased by 22% sequentially to 377 BTC, limiting revenue potential during the quarter due to reduced mining activity and higher costs associated with the transition to HPC [3][9] - The company is facing financial pressure as many costs related to the HPC buildout are being absorbed by the mining segment, creating a temporary income and revenue gap [3] Industry Context - TeraWulf's strategy aligns with increasing demand for AI-driven, high-density computing and long-duration, credit-enhanced contracts, having secured over $17 billion in long-term HPC commitments [4] - Most of the planned HPC capacity additions (250-500 MW) will not be operational until 2026, which prolongs financial stress despite accelerated investments [4] Competitor Strategies - Applied Digital (APLD) is managing near-term challenges by diversifying revenue streams and securing long-term lease agreements, allowing for cash generation from legacy operations [5] - IREN Limited (IREN) is funding its HPC transition through cash flow from profitable Bitcoin mining, leveraging low-cost infrastructure and customer prepayments to maintain financial flexibility [6] Valuation and Market Performance - TeraWulf shares have increased by 100.2% over the past year, outperforming the Zacks Finance sector's return of 15.7% and the Zacks Financial Miscellaneous Services industry's decline of 9% [7] - The stock is trading at a premium with a trailing 12-month price/book ratio of 21.37X, significantly higher than the industry's 3.18X, indicating a Value Score of F [10] Earnings Estimates - The Zacks Consensus Estimate for Q1 2026 loss is projected at 18 cents per share, unchanged over the past 30 days, compared to a loss of 16 cents per share in the prior-year quarter [13]

Core Insights - TeraWulf secured regulatory approval for its Lake Cayuga site, allowing the conversion of a former coal plant into a data center, resolving a zoning dispute that had previously stalled its plans [1][4] Group 1: Regulatory Approval - The Town of Lansing voted 3-2 to classify TeraWulf's facility as "general processing," enabling the company to proceed without further rezoning or variances [2] - Previous attempts to classify the site as a scientific research laboratory and a warehouse were rejected [2][3] Group 2: Impact on Company Operations - The approval resolves a core zoning dispute that has negatively impacted sentiment in recent months, allowing TeraWulf to advance planning and design for the site [4] - The company targets a capacity of 138 megawatts at the Lake Cayuga location by the end of 2026, with long-term plans for 400 megawatts by the end of 2027 [4] Group 3: Financial Developments - TeraWulf recently announced the pricing of $1.275 billion in senior secured notes due in 2030, issued through its Flash Compute joint venture with Fluidstack [5]

I’m bullish on TeraWulf ( WULF ) because the setup looks like a good mix of good assets and real demand. The macro tailwinds I think matter most are the ongoing surge inAnalyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in WULF over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I ...

Core Viewpoint - Aurelius Capital Management has taken a significant position in TeraWulf, indicating confidence in the company's potential within the bitcoin mining sector [2][3][10] Group 1: Investment Details - Aurelius Capital Management acquired 450,000 shares of TeraWulf valued at approximately $5.1 million as of September 30 [3][6] - This new position represents 9.3% of Aurelius Capital's reportable assets under management (AUM) [4][6] - TeraWulf is now among the largest holdings in Aurelius Capital's portfolio, which has total U.S. equity AUM of $55.2 million across nine positions [3][4] Group 2: Company Overview - TeraWulf operates bitcoin mining facilities in New York and Pennsylvania, focusing on energy-efficient infrastructure for bitcoin mining [8][9] - The company reported a market capitalization of $5.2 billion and revenue of $167.6 million for the trailing twelve months (TTM) [5] - TeraWulf's net income for the TTM stands at a loss of $586.6 million [5] Group 3: Financial Performance - In the third quarter, TeraWulf reported revenue of $50.6 million, an increase of 87% year over year, driven by higher bitcoin prices and new high-performance computing lease revenue [11] - The company has secured over $17 billion in long-term, credit-enhanced high-performance computing contracts, shifting towards infrastructure-style cash flows [11] - TeraWulf's cash position was approximately $713 million at quarter-end, providing liquidity for expansion amid bitcoin market volatility [11]

Core Insights - Rosenblatt Securities has lowered price targets and financial estimates for several bitcoin mining companies due to a significant decline in mining profitability, emphasizing the increasing importance of AI and high-performance computing (HPC) revenue [1] Company-Specific Summaries - Cipher Mining's price target was reduced to $25 from $33, but it remains a "Top Pick" due to its ability to transition power capacity to higher-margin AI tenants [5] - TeraWulf's price target was cut to $20, with the company being favored for its diversification into AI and computing power [2][5] - Marathon Digital's price target was lowered to $15 from previous levels, with a significant reduction in its 2026 adjusted EBITDA estimate from $281 million to $99 million, highlighting its sensitivity to Bitcoin price changes [4] - Hive Digital's price target was reduced to $6.50 from $10, with its financial results heavily influenced by its mining expansion in Paraguay despite its HPC business growth [6] Industry Trends - The broader mining sector is facing challenges, with Bitcoin prices dropping approximately 30% since early October and Bitcoin's hashprice falling 26% to near all-time lows of $38/PH/day [3] - A shift in industry transparency is noted, as several companies, including Cipher Mining and Marathon Digital, have ceased publishing monthly mining production reports, while Hive Digital continues to provide operational updates [7] - Bitcoin's global hashrate has decreased by 7% since mid-October, although it remains up 34% year-to-date, with expectations that hashrate growth will moderate until Bitcoin prices recover [8]