Morgan Stanley analyst Stephen Byrd stated that despite a 44% drop in Bitcoin prices since October, Bitcoin mining companies have been revitalized as AI data centers. Byrd initiated coverage of Terawulf and Cipher Mining on Monday, projecting a 159% and 158% increase in their respective share prices. Byrd pointed out that the core asset of mining companies is access to electricity, and AI companies are willing to pay a premium for power, with AI businesses offering better economic returns than cryptocurrency mining. Terawulf has already signed a 510-megawatt power agreement with Google, and Cipher Mining has similar partnerships with companies like Amazon. Furthermore, Byrd gave MARA Holdings an underweight rating, believing its AI strategy lacks focus.