Bernstein has upgraded its outlook on several Bitcoin mining companies, highlighting their potential to capitalize on a $90 billion wave of AI infrastructure investment. The firm issued Outperform ratings for IREN, Riot Platforms, CleanSpark, and Core Scientific, with IREN singled out as the top pick with a $75 price target. Bernstein's analysis suggests that these miners, traditionally valued for their hash rate, are now poised to leverage their power infrastructure to support AI companies seeking grid capacity and high-density cooling systems. This shift repositions miners as energy-infrastructure businesses, offering a more stable revenue stream through long-term AI hosting contracts. Core Scientific has already demonstrated this model by securing a multi-billion-dollar deal with CoreWeave to host AI workloads. However, Bernstein notes that not all miners are equally prepared for this transition, which requires significant capital investment to retrofit facilities for AI needs. The firm's focus is now on contracted megawatts for AI versus mining, and the credit quality of hosting counterparties.