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Cipher Is the Latest Bitcoin Miner to Pivot to AI; Price Target Hiked to $16: Canaccord

Cipher Mining has signed a key agreement with Fluidstack and Google for its Barber Lake facility, marking a significant shift towards AI infrastructure. Canaccord Genuity raised its price target for Cipher's stock from $12 to $16, maintaining a buy rating. This move follows Cipher's recent $1.1 billion zero-coupon convertible note offering, which aims to enhance investor confidence by allowing the company to retain full ownership of Barber Lake without needing to dilute equity. Analysts noted that the AI hosting contract exceeded market expectations, highlighting demand for AI compute capacity. With ongoing development in its pipeline, Cipher is positioned for further growth in AI co-location deals, strengthening its market presence as the trend of blockchain miners transitioning to AI continues to gain traction.

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