Shares of TeraWulf (NASDAQ:WULF) are up 12% to $22.67 in mid-morning trading, leading a broad rebound across AI-infrastructure names that were hammered on Tuesday. IREN (NASDAQ:IREN) stock is up 7% to $42.55, while peers Applied Digital (NASDAQ:APLD) and Cipher Mining (NASDAQ:CIFR) are up 3% to $31.53 and up 5% to $21.45, respectively.
Today’s move mirrors yesterday’s decline, when TeraWulf shares dropped 8%, IREN slid 7%, and Applied Digital fell 6%. There’s no fresh company-specific catalyst driving the bounce. Instead, the group is riding a broader risk-on tape, with beaten-down Chinese tech and other high-beta names also rebounding.
All four are former Bitcoin (CRYPTO:BTC) miners repurposing power and data-center capacity for AI compute leasing. That pivot has made them among the most volatile names in the market, and today’s snap-back is a reminder of how quickly sentiment can flip in the neocloud cohort.
TeraWulf Leads the Rebound
TeraWulf stock is the standout mover today. The underlying bull story remains its previously announced 20-year, roughly $19 billion Anthropic AI data-center lease, disclosed earlier this week. That contract anchors a long-tail revenue stream tied directly to AI compute demand.
Beyond Anthropic, TeraWulf continues to scale its high-performance computing (HPC) platform. TeraWulf’s HPC lease revenue hit $21.02 million in Q1 FY2026, more than 60% of total revenue, and the company recently closed a $1 billion equity raise to fund its Hawesville, Kentucky campus. Moreover, the company’s total contracted revenue exceeds $13 billion across anchor tenants including Core42, Fluidstack, and Alphabet‘s (NASDAQ:GOOGL | GOOGL Price Prediction) Google.
Despite this week’s whipsaw, TeraWulf shares are up 99% year to date (YTD), making WULF one of the strongest performers in the group. The consensus analyst target price of $36.32 sits well above current levels, and Wall Street ratings skew heavily positive with five strong buys and 12 buys.
IREN, Applied Digital and Cipher Mining Ride Along
IREN stock is bouncing without any discrete headline. The company’s landmark five-year, $3.4 billion AI Cloud contract with NVIDIA (NASDAQ:NVDA), paired with up to $2.1 billion in NVIDIA investment vesting as GPU infrastructure scales, remains the centerpiece of its AI Cloud pivot. IREN shares are up 12% YTD despite a rough June.
Applied Digital shares are grinding higher after a bruising week. The company recently reported Q3 FY2026 revenue of $126.64 million, up 139% year over year (YoY), and signed a 15-year lease with an investment-grade hyperscaler for 200 MW at Polaris Forge 2. Applied Digital stock is up 25% YTD.
Cipher Mining stock is extending a strong 2026, with the rebranded Cipher Digital holding 700 MW of contracted HPC capacity plus anchor leases with Fluidstack/Google and Amazon‘s (NASDAQ:AMZN) AWS targeting October 2026 energization. Cipher Mining shares are up 39% YTD, and Needham recently raised its price target to $25.
Bull Case vs. Bear Case
The bull case for the AI-infrastructure cohort is straightforward. Hyperscaler capex is running at eye-watering rates, power is the binding constraint, and these companies control gigawatts of contracted capacity. Multi-year leases with credit-enhanced anchor tenants transform historically cyclical Bitcoin miners into utility-like AI landlords.
The bear case is equally important, however. These are pre-profit, highly volatile names that can swing sharply in both directions. TeraWulf reported an EPS loss of -$1.01 in Q1 FY2026, weighed by a $216.32 million non-cash warrant revaluation charge, and IREN posted a Q3 FY2026 net loss of $247.8 million. This week’s action, an 8% drop followed by an 11% bounce, tells the story on volatility.
What to Watch
Today’s rebound needs to hold into the close to confirm the reversal thesis. Investors can watch how AI-adjacent names trade alongside the broader risk-on tape, and whether analyst follow-through emerges on TeraWulf’s Anthropic lease. For those building exposure to the neocloud theme, position sizing should stay modest given the volatility profile these stocks have shown all year.
Traders may keep TeraWulf, IREN, Applied Digital, and Cipher Mining shares active through the afternoon. A close near session highs would set up a constructive tone heading into the next batch of hyperscaler capex updates.
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