Cipher Digital Surges 664% as Bernstein Backs AI Data Center Pivot
Benzinga reported Thursday that Cipher Digital Inc. (NASDAQ: CIFR) has vaulted to one of the market’s most closely watched infrastructure plays. The company’s Cipher Digital momentum score and a fresh analyst initiation are drawing significant investor attention.
Momentum Score Reaches Near-Perfect Territory
Benzinga Edge’s proprietary ranking system measures a stock’s relative strength across multiple timeframes. CIFR’s score jumped sharply week-on-week to reach 98.89 out of 100. That figure places Cipher Digital in the top percentile of all tracked equities.
The score reflects real price action. The stock has climbed roughly 664% over the past twelve months. It added another 54% in May alone. Short-term, medium-term, and long-term trend indicators all point upward. Year-to-date, CIFR shares are ahead by approximately 78%, vastly outpacing the Nasdaq Composite’s 15.6% gain over the same stretch.
Bernstein Initiates With Outperform Rating
On June 3, Bernstein SocGen Group initiated coverage on CIFR with an Outperform rating. Analysts set a $32 price target, implying roughly 22% upside from current levels.
The rationale centers on AI infrastructure demand. Bernstein cited Cipher’s multi-gigawatt power development pipeline and an approximately $24 billion order book. Hyperscaler sponsorship underpins that backlog. Analysts also pointed to a capital-light lease model they expect to accelerate AI revenue generation quickly.
The firm framed Cipher’s core value proposition as solving a “time to compute” problem for large technology operators. With a targeted 30 GW power portfolio, Cipher is positioning itself as a critical supplier of compute-ready capacity.
Background: The Mining-to-Compute Transition
Cipher Digital, like several peers in the high-performance computing sector, has shifted strategic focus away from pure cryptocurrency mining. The company is now competing for AI data center hosting contracts. That transition has become a defining investment theme in 2026 as hyperscalers hunt urgently for power-secured, shovel-ready facilities.
The pivot is not unique to Cipher. Rival IREN Ltd. (NASDAQ: IREN) is pursuing a similar path. However, Benzinga’s data suggests Cipher is currently drawing stronger momentum signals from the market.
What to Watch
CIFR’s 52-week range runs from $3.29 to $28.62. Shares pulled back roughly 3% in premarket trading Thursday, suggesting some profit-taking after a sharp run. The Bernstein target of $32 would represent a fresh all-time high. Investors will watch whether the order book translates into reported revenue in upcoming quarterly results.
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