In short: Named first among the stocks Morgan Stanley's Stephen Byrd "expects to benefit amid the backlash" (the article uses Barron's wording "Cipher Digital"). The thesis is not crypto: it is that the miner already holds the grid interconnection at its existing sites, so the state-level pause on new data-center hookups leaves it "less exposed to the political backlash" while making its connected acreage scarcer.
To run a data center you need a physical connection to the electricity grid, and getting one takes years — you apply, you wait in a queue, and a state regulator eventually says yes. Several states have just stopped saying yes: New York has a moratorium, Texas is auditing the industry, Pennsylvania now demands you bring your own power plant. That is why the utilities that were going to sell electricity to all those new data centers have sold off.
Bitcoin miners went through that same queue years ago, for a different reason: mining crypto also means running warehouses full of hot computers that eat enormous amounts of power. They already have the connection. Over the past two years many of them have been converting those warehouses into AI data centers — renting out the electricity, or the building itself, to a tech company. That income is steadier than mining Bitcoin, which is why their share prices started moving with AI stocks instead of with crypto.
Morgan Stanley's Stephen Byrd says the market has now punished them for the wrong reason. The moratoria block new hookups; they do not switch off power already flowing to a site that is built. So the miners are being sold as if they were exposed, when in fact the rule that hurts everyone else makes the one thing they own — a live grid connection — harder for anyone else to get. In his words, all those cancellations and delays "just makes these companies' sites more valuable." Cipher is the first name on his list.
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