Benchmark Equity Research has reiterated its "Buy" rating and $27 price target for Bitdeer Technologies, highlighting the company's shift from bitcoin mining to AI and high-performance computing (HPC) infrastructure. Bitdeer (BTDR) shares surged nearly 21% following a rise in Hut 8 shares, as investors show enthusiasm for hybrid Bitcoin mining/AI companies. Analysts noted Bitdeer's significant AI data center deal and its relatively low forward EV/revenue multiple of 4.5x. Despite a challenging Bitcoin mining environment, Bitdeer reported a 105% increase in AI cloud annual recurring revenue, reaching $43 million by the end of March. The company continues to advance its proprietary SEALMINER A4 chip, achieving a self-mining hash rate of 69.5 EH/s. However, Benchmark adjusted Bitdeer's Q1 2026 revenue forecast to $189.7 million, citing rising electricity costs and a deteriorating mining environment, resulting in an adjusted EBITDA of $22.1 million and a diluted loss per share of $0.31.