Morgan Stanley: Two Stocks to Double as They Pivot from Bitcoin to Data Centers

• Morgan Stanley initiates coverage on Cipher Mining and TeraWulf with "overweight" ratings, predicting over 150% upside.
• Analysts set price targets of $38 for Cipher (158% upside) and $37 for TeraWulf (159% upside).
• The upside is driven by their pivot from Bitcoin mining to data centers, capitalizing on AI compute demand.
• Hyperscalers are seeking "time to power" solutions due to AI compute supply shortages and rising budgets.
• Challenges include credit issues, LLM scaling walls, and potential cost overruns in conversion.