大摩：谁能立刻给AI供电？比特币矿企被低估的“价值”

Core Insights - Morgan Stanley identifies Bitcoin mining companies as having approximately 6.3 GW of operational large sites and an additional 2.5 GW of capacity under construction, making them the "fastest way to obtain power with the lowest execution risk" for AI companies [1][2][6] - The report highlights a significant power shortage for data centers in the U.S., estimating a gap of up to 45 GW from 2025 to 2028, despite various innovative solutions being considered [2][3] - The potential equity value created by converting mining sites into data centers is estimated to be between $5 to $8 per watt, significantly higher than the current trading levels of many Bitcoin mining companies [2][10] Power Shortage Analysis - The demand for power from data centers is projected to reach 65 GW from 2025 to 2028, while the grid can only provide 15 GW of immediate capacity, leading to a substantial shortfall [3][4] - Even with the inclusion of various innovative power solutions, a shortfall of 5 to 15 GW is expected to persist by 2028 [3] Unique Value of Bitcoin Mining Sites - Bitcoin mining sites possess critical assets valued by AI companies, including approved grid connections and large-scale power supply capabilities, allowing them to bypass lengthy approval processes for new data centers [6][9] - The existing infrastructure of Bitcoin mining companies aligns well with the construction timelines required for data centers, which typically take about 18-24 months [6] Market Valuation Insights - The "enterprise value per watt" (EV/Watt) metric is emphasized as a key indicator of value that the market has overlooked, with many Bitcoin mining companies still undervalued [7] - A model analysis indicates that converting a 100 MW Bitcoin mining site into a data center could generate significant equity value, with estimates of $5.19 per watt for large cloud service providers and $7.81 per watt for emerging cloud service providers [10]