Bitcoin mining companies faced challenges after Bitcoin’s block rewards were halved, but some turned to AI, like Applied Digital. IREN Limited doubled its AI cloud capacity to 23,000 GPUs, targeting $500 million in AI cloud annualized recurring revenue by Q1 2026. Its stock surged 526% in six months, with a $82 price target.

Cipher Mining also saw growth, securing a $3 billion AI deal with Fluidstack and Google’s backing. Alphabet now holds a 5.4% equity stake in Cipher, with a 587-acre facility in Texas providing 168 megawatts of computational power. Despite debt exposure, Cipher’s stock has a $12 high price target.

Read more at Yahoo Finance: AI Is Creating a Gold Rush of Demand for These 2 Bitcoin Stocks