消息面上，比特币价格升破 6.5 万美元，摩根士丹利新近覆盖多家向 AI 基础设施转型的比特币矿商。机构认为，AI 数据中心电力需求持续激增，手握大型并网电力资源的企业具备显著竞争优势。大行将 Hut 8 列为首选标的给予增持评级，目标价 263 美元；Riot Platforms 同样获增持，目标价 36 美元；Applied Digital 维持中性评级，目标价 36.5 美元。市场逻辑正在发生切换。资金不再单纯以加密货币行情给矿企定价，而是看重存量场地、电网配套改造为 AI 算力中心的价值。传统矿场拥有现成电力基础设施，建设周期短，可以快速承接云厂商算力租赁需求，成为 AI 算力扩张浪潮下的稀缺资产。
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