Cipher Mining announced key AI development, says H.C. Wainwright

H.C. Wainwright reiterates a Buy rating on Cipher Mining (CIFR) with a $6.75 price target The company reported “solid” Q1 results, reiterated its Q3 hash rate guidance of 23 EH/s, and announced a key development on its high performance computing initiatives, the analyst tells investors in a research note. The firm says Cipher’s newly formed joint venture with Fortress will accelerate its path to artificial intelligence monetization. H.C. Wainwright is surprised the shares initially traded down this morning, give the “positive news” on the “HPC/AI front, a key area of focus for investors.” The shares “deserve better,” contends H.C. Wainwright.