AI-fueled high-performance computing is rewriting the bitcoin miner playbook—just as the market hands traders a fresh dip. Investment bank B. Riley has delivered a jolt to the sector with sweeping target hikes and a key upgrade for Core Scientific, while prices for miners slid 8–15% on the day. That mix of rising fundamentals and falling prices is exactly the kind of dislocation nimble traders look for.

What just happened

B. Riley upgraded Core Scientific (CORZ) to Buy, lifting its price target to $30 from $17 on strong standalone value and renewed HPC

Buy-rated TeraWulf (WULF) stays the firm’s top pick; target raised to $22 from $14, citing >400 MW in customer agreements and roughly $4B in capital commitments tied to AI infrastructure demand.

As part of a broad revaluation, B. Riley raised HPC price targets by an average of 78% and boosted 2026 estimates by 5%, pointing to soaring demand for power and data center capacity driven by AI deals.

Meanwhile, the market dipped

Despite the bullish resets, miners fell sharply: CORZ -10%; WULF, RIOT, IREN, BTDR -8–9%; BITF -15%. The group is still up 418% since April, and the report notes ~15% pullbacks can offer re-entry points.

Why this matters to traders

- The AI/HPC pivot is creating diversified revenue beyond pure bitcoin price sensitivity, potentially smoothing cash flows—but it introduces new risks like power pricing and customer concentration. - Target upgrades during a drawdown often mark inflection zones where risk/reward improves, especially if catalysts are near (merger vote, new HPC contracts, power expansions). - Divergence inside the group is set to widen: miners with secured power, scale, and signed HPC customers may outperform.

Key targets and catalysts

• CORZ: PT to $30; watch shareholder vote on CoreWeave deal, HPC contract wins, power expansion timelines.
• WULF: PT to $22; >400 MW agreements and ~$4B commitments—track buildout pace and customer activation.
• RIOT: PT to $28; monitor capacity additions, energy strategy, AI/HPC announcements.
• IREN: PT to $74; follow data center scaling, contract pipeline, funding milestones.
• BTDR: PT to $32; look for HPC ramp metrics and margin visibility.
• BITF: PT to $7; gauge turnaround execution and access to low-cost power.

Actionable takeaway

Use the selloff to build staged exposure into names with visible HPC capacity and contracted demand while controlling downside. For traders:

• Scale entries near recent ~10–15% pullbacks; set stops below prior swing lows.
• Favor balance sheets with committed power and signed customers (e.g., WULF) to reduce execution risk.
• Event-trade CORZ around the merger vote; a rejection could unlock the bank’s standalone thesis.
• Hedge beta with options or pair trades (long HPC leaders vs. weaker power profiles).

Risks to monitor

- Power costs and availability: ERCOT volatility and grid constraints can compress margins. - Execution risk: Delays in data center buildouts or GPU supply can push revenue right. - Market beta: A sharp BTC drawdown can still hit miner sentiment, even with HPC diversification. - Financing: Capital intensity remains high; dilution or costly debt would dent equity upside.

Bottom line

The fundamental tide is turning in favor of AI-aligned miners, and B. Riley’s resets validate that shift. With prices down and targets up, selective, risk-managed entries into HPC leaders offer asymmetry—just be disciplined on stops and timelines.

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