Group 1: Cipher Mining (CIFR) - Cipher Mining's stock remains stable after modest cuts to Q3 and full-year 2025 revenue and EBITDA forecasts, with strong execution on its Fluidstack/Google lease and potential follow-on deals noted, although much of the 2027 development pipeline is already priced in, trading at about 87% of estimated pipeline equity value versus a 61% coverage average [2] Group 2: IREN Ltd. (IREN) - IREN's Hold rating reflects downward revisions to near-term production and cost assumptions, partially offset by raised 2026 estimates due to plans to expand its Canadian AI cloud build-out to 60,000 GPUs, but the firm's bare-metal focus is seen as lacking the necessary software depth and enterprise integration for durable returns, with an elevated valuation amid execution and dilution risks [3] Group 3: Mara Holdings (MARA) - Mara remains on Hold after reductions to Q3 and 2025 revenue and EBITDA estimates, with skepticism around its ability to monetize power-management services for AI inference and advance off-grid mining growth, compounded by uncertainty over a proposed 64% acquisition of EDF's Exaion, which is under review on sovereignty grounds [4] Group 4: CleanSpark (CLSK) - CleanSpark's Hold rating follows reductions to Q3 and 2025 estimates due to lower mining uptime, despite management's appointment of Matt Schultz and renewed optimism around AI/HPC optionality, with shares rallying 94% since the leadership change, but the company is preferred to await clearer updates on the scale and timing of its AI/HPC pipeline before any upgrade [5] Group 5: Hut 8 (HUT) - Hut 8 earns a Buy rating with a raised price target to $67, reflecting full value for an estimated 530 MW gross AI/HPC leasing pipeline across River Bend, Batavia, and Texas Site 03, valued at $5.85 billion at a 5.5% cap rate, with American Bitcoin's mining operations dominating results and presenting dilution risk, while exposure to AI/HPC colocation supports long-term upside [6] Group 6: TeraWulf (WULF) - TeraWulf retains a Buy rating with an increased price target of $24, supported by a sum-of-the-parts valuation of its 886 MW AI/HPC pipeline through 2027, spanning Core42/Fluidstack, Lake Mariner, and Cayuga Lake, valued at $13.85 billion at a 5.5% cap rate, along with modestly raised Q3 revenue and EBITDA forecasts on higher hashprice trends [7]