Bernstein

Analysts warn that SpaceX's deal with Nvidia could negatively impact neocloud providers, including CoreWeave and Nebius. This concern centers on the possibility that Nvidia may grant SpaceX priority access, effectively bumping them to "the front of the line" for its limited supply of chips, according to Bernstein.

Cipher, a bitcoin miner-turned-HPC developer, reported a Q2 net loss of $267.5 million, more than five times its loss from the same period last year. The company's stock slid 16% amid wider losses and Bernstein's assessment of potential upside from a Texas power audit.

Bernstein stated that a state-ordered audit of Texas data centers will increase power scarcity in the regional grid, potentially boosting the value of existing bitcoin mining and AI sites.

Bernstein predicts further declines in crypto markets if the Clarity Act faces delays. The analysis links potential legislative stagnation to increased downward pressure on cryptocurrency values.

Bernstein stated that Congress's failure to pass the CLARITY Act could lead to further declines in crypto valuations and speed up regulatory policy support from US regulators.

Bernstein expects SEC and CFTC crypto rulemaking to accelerate under Project Crypto if the Clarity Act fails to pass this year. The analysis links the potential failure of the Clarity Act to increased regulatory activity by the SEC and CFTC.

Bernstein maintains a $160 price target for Robinhood, highlighting tokenization and prediction markets as key drivers for its crypto business expansion. The analysis suggests a 78% potential increase in Robinhood's value through these developments.

Bernstein estimates Core Scientific's partnership with AMD could generate $14 billion over 15 years. AMD is backing a neocloud lease and holds warrants for 30 million CORZ shares.

Bernstein reduced its price target for Circle from $190 to $140 while maintaining an 'Outperform' rating. The firm attributes the diminished threat from Open USD to stable USDC supply near all-time highs.

Alphabet is prioritizing its Tensor Processing Units (TPUs) for Artificial General Intelligence (AGI) research over customer sales, as stated by CEO Sundar Pichai during a quarterly earnings call. Google Cloud revenue grew significantly, driven by AI infrastructure demand, and the company plans to invest heavily in AI development.

Bernstein has raised its price target for Robinhood, citing the brokerage's blockchain strategy which includes tokenized equities and the Arbitrum-based Robinhood Chain. Analysts suggest this strategy could reduce Robinhood's reliance on traditional cryptocurrency trading.

Bernstein raised its price target for Robinhood to $160, highlighting prediction markets, Rothera, and Robinhood Chain as key revenue drivers. The increase suggests potential growth in non-crypto revenue areas for the company.

Crypto-style perpetual futures and prediction markets are entering the AI compute market ahead of CME and ICE's planned futures. Regulated GPU futures are expected to launch in late 2026.

Bernstein Research highlights that Core Scientific's 75% return on its AI deal is an outlier compared to TeraWulf's 5% and Cipher's 4% stabilized return on assets (ROA), attributing Core's performance to capital expenditure advantages.

Robinhood Chain has surged into the top five by DEX volume, according to Bernstein. The report highlights a significant increase in decentralized exchange activity for the platform.

Robinhood Chain achieved $3.1B in weekly DEX volume and 65K users since its July 1 launch, according to Bernstein. The Layer 2 network is focusing on tokenized markets.

Bernstein maintained its $36 price target for TeraWulf following the miner's $19 billion lease with Anthropic and a $530 million sale of its Abernathy JV stake. The analyst firm did not adjust its valuation despite the significant financial transactions.

Michael Saylor becomes a major Bitcoin seller. A memecoin is exploited through governance. Bernstein maintains a $150k price target for Bitcoin.

Bitcoin reached its highest price in weeks, and Bernstein analysts reaffirmed their ambitious year-end price target of $150,000 for the cryptocurrency despite acknowledging a recent painful retrace.

Strategy sold 3,588 Bitcoin worth $216 million to fund dividend payments while retaining a $2.55 billion Bitcoin reserve. Wealth manager Bernstein maintained its year-end Bitcoin price target of $150,000.

Bernstein maintains a $150K year-end target for bitcoin despite a 54% drawdown, noting the decline is milder than past cycles.

Bernstein reaffirmed an Outperform rating on Circle with a $190 target despite the launch of new stablecoin rival OUSD, which caused CRCL stock to drop over 17%. The analysis highlights a 203% upside potential for Circle amid competition from OUSD.

Circle CEO highlights USDC's network advantage as OUSD emerges as a potential challenger to the Circle-Tether duopoly. Bernstein notes unresolved governance, operational, and revenue-sharing issues for OUSD.

Bernstein predicts that a rush in prediction-market infrastructure could drive a wave of M&A across consumer platforms. DraftKings' launch of DKeX aims to retain prediction-market revenue in-house amid industry consolidation in trading and betting platforms.

Bernstein reports that platforms are consolidating exchange, clearing, and brokerage infrastructure in-house, potentially leading to a wave of M&A deals while raising antitrust and regulatory risks.

Bitcoin inflows slowed sharply in 2026 as investors shifted to AI-related investments, according to Bernstein. The report highlights a significant shift in capital allocation away from cryptocurrency toward artificial intelligence sectors.

Bitcoin is down about 50% from its peak, but Wall Street researchers argue the selloff reflects a maturing asset. Bernstein predicts Bitcoin could reach $150K this year despite its recent decline.

Bitcoin traded near $63,000 after falling to a two-month low, driven by ETF outflows, macroeconomic uncertainty, and capital shifts to AI stocks. Analysts at Bernstein argue Bitcoin's 'store of value' thesis remains intact, citing institutional adoption and a price target of $150,000 for 2026. The CLARITY Act, aimed at regulating digital assets, advanced in Congress.

Bernstein analysts stated that bitcoin’s 'boring cycle' and $2.6 billion in ETF outflows in 2026 do not undermine its store-of-value thesis. They argue the outflows do not weaken bitcoin’s position as a store of value.

Bernstein has become pessimistic about packaged food stocks, citing inflation and GLP-1 as key challenges. The article references Campbell's Soup cans in a Florida store as an example.

Bernstein is bullish on Bitcoin miners powering the AI boom, assigning 'Outperform' ratings to TeraWulf and Cipher Digital. The firm highlights Bitcoin miners as key enablers of AI growth through energy infrastructure.

Bernstein initiates coverage on Bitcoin miners TeraWulf and Cipher Digital, setting them at Outperform with $36 and $32 price targets. The firm projects AI revenue for these companies to grow ninefold by 2030.

Domino's, a major pizza chain, may introduce a protein-boosted pizza as part of industry trends toward higher-protein menu offerings. Analysts from Bernstein and industry expert Maeve Webster highlighted protein's growing popularity among consumers, citing examples like Starbucks' Protein Lattes and Coca-Cola's exploration of protein-rich beverages.

Analysts predict Bitcoin will reach new record highs in 2026, with a target price of $255K by year-end, considered a conservative estimate. Bernstein and BitMEX co-founder Arthur Hayes also project similar growth. Bitcoin's potential upside is highlighted by these projections.

Bernstein reports that Bitcoin miners control a significant amount of power and have secured substantial AI deals, giving them an edge in data center growth. Miners have 27 GW of planned power and $90 billion in AI deals. This development highlights the strategic importance of Bitcoin miners in AI infrastructure.

Bernstein is bullish on Bitcoin mining firms due to AI compute demand. Companies like IREN, Riot, and CleanSpark are benefiting from this trend. The growth of AI infrastructure is driving their success.

CoreWeave's stock falls due to a new Google cloud venture, which may signal increased competition ahead. A joint venture between Google and Blackstone is not immediately problematic for CoreWeave. The market could get more crowded according to a Bernstein analyst.

Bernstein predicts bitcoin miners will benefit from $90 billion in AI data center deals, giving Outperform ratings to several companies. This investment is expected to boost the performance of these miners. The deal involves multiple major players in the industry.

Arm's stock is predicted to rise by 45% due to its role in the server CPU market, which could reach $137 billion by the end of the decade. The growth is driven by the 'renaissance of CPUs'. Arm is expected to play a key role in this market expansion.

Bernstein analysts stated that the Senate Clarity Act markup and yield compromise will strengthen Circle's model. This development comes as the dollar stablecoin supply reaches a record high. The compromise is seen as a positive step for Circle's edge in the market.