Bernstein tells investors to 'follow the gigawatts' as bitcoin miners ride $90B AI data center wave!

Bernstein analysts are flagging several bitcoin mining stocks as buys, anchoring the call in a simple thesis: follow the power. With roughly $90 billion in AI data center deals reshaping the demand landscape for electricity infrastructure, miners sitting on large, permitted power capacity have become de facto real estate plays for hyperscaler build-outs.

The broker's framing — 'follow the gigawatts' — captures why the market is re-rating miners beyond their BTC production economics. Companies that can redirect or co-locate power-hungry GPU clusters alongside ASIC rigs are commanding a structural premium, because permitted grid capacity is the single hardest input to replicate quickly in the AI infrastructure race.

For investors, the read is that the AI capex supercycle and the bitcoin mining sector are no longer parallel stories — they're converging on the same scarce resource:…