Jefferies Picks Top AI Data Center Winners

Jefferies identifies Cipher Digital, Core Scientific, Hut 8, and TeraWulf as leading AI data center plays amid power-demand surge.
Cipher Digital secured leases with AWS, Fluidstack, and another hyperscaler, targeting ~400 MW capacity online in 2026.
Core Scientific leads BTC‑to‑AI transition, has most AI capacity delivered, and signed a tenant‑funded capex deal with CoreWeave.
Hut 8 boasts strongest financing via a Google‑backed Fluidstack lease, while TeraWulf already generates AI data‑center revenue and holds flexible power capacity.