AI contracts, not bitcoin, now drive miner valuations, and Cipher and TeraWulf look cheap, says analyst

Compass Point analysts Michael Donovan and Ed Engel said markets are giving little credit to future AI data center pipelines despite billions of dollars in signed leases.

By Mr UsmanJuly 11, 2026 · 2:42 PM1 min readUpdated Jul 11, 2026

AI contracts, not bitcoin, now drive miner valuations, and Cipher and TeraWulf look cheap, says analyst · Photo: Unsplash

Compass Point analysts Michael Donovan and Ed Engel said markets are giving little credit to future AI data center pipelines despite billions of dollars in signed leases.

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