So, Bitcoin. It was a thing, right? A whole…thing. And people were mining it. Like digital gold rush, except less…gold. And now? Now everyone’s suddenly obsessed with Artificial Intelligence. It’s like a societal midlife crisis. First it’s crypto, now it’s AI. Honestly, the fickleness of the market is just…aggravating. And this company, TeraWulf? They’re right in the middle of it, pivoting like a ballerina with a bad knee.
They’re a Bitcoin miner, or were a Bitcoin miner. Now they’re an “AI infrastructure play.” That’s what they’re calling it. “Infrastructure.” Like they’re building roads or something. They’re running servers. It’s not the same. And the stock? Up 52% year to date? 240% over the past year? It’s just…suspicious. It feels like everyone’s in on a joke I didn’t get.
The Pivot, You See
Apparently, all that computing power they were using to verify Bitcoin transactions? It can also be used for AI. Brilliant. Groundbreaking. It’s like discovering you can use a hammer to open a can of paint. It’s not wrong, it’s just…uninspired. And now Wall Street is all over it. Morgan Stanley, of all people, is initiating coverage, looking for “undervalued AI infrastructure plays.” Undervalued! As if anything on this market is actually valued properly. It’s all just…estimation. Guesswork. And they landed on TeraWulf. Of course they did.
They’re touting TeraWulf’s ability to build “large-scale power infrastructure.” More servers. More electricity. It’s just…a lot. And they’re planning on expanding this “footprint” through 2030. As if anyone can predict anything past next Tuesday. As long as the demand for AI compute stays high, they say. Well, of course it has to stay high. That’s the whole premise! It’s circular reasoning, and it’s infuriating.
How High Can WULF Fly?
Until recently, if you asked about TeraWulf’s growth potential, it was all about Bitcoin. How much they held, how much Bitcoin might be worth. Simple. Understandable. Now? Now it’s about “AI compute operations.” It’s like they’re speaking a different language. They’re even selling their Bitcoin to fund this AI venture. Selling! The thing they were supposedly building a business around! It’s a betrayal of the original concept, isn’t it?
So, the question is, are they a Bitcoin miner or an AI infrastructure play? Because it makes a difference. If they’re a Bitcoin miner, the upside is limited. They don’t have much Bitcoin. But if they’re an AI play…well, Morgan Stanley thinks the stock could hit $37. Double the current price. It’s…optimistic. And frankly, it feels like they’re trying to justify their own initial enthusiasm.
Other Bitcoin miners are doing the same thing, jumping on the AI bandwagon. But TeraWulf is “among the best.” That’s what they say. A stock up 240% in 12 months. It’s… a lot. It’s just… I don’t know. It feels…off. Like someone is going to be left holding the bag. And it’s probably going to be me, isn’t it? It always is.
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2026-02-15 15:52