According to the Intelligence Finance app, Morgan Stanley has started covering bitcoin miners such as Riot Platforms (RIOT.US), MARA Holdings (MARA.US), CleanSpark (CLSK.US), and Cipher Mining (CIFR.US) in a recent report, and has given them an "outperform" rating. The institution stated that the fundamental driving factors supporting the rise in bitcoin prices "might continue without acceleration, leading to an increase in BTC production and equity issuance growth."

Driven by optimistic expectations, Cipher's stock price soared, rising by 18% in early Wednesday trading and closing up 12%. Meanwhile, Riot, Marathon Digital, and CleanSpark also saw slight gains, with post-market trading showing increases of 1.34%, 1.18%, and 3.85% respectively. By the time of publication, bitcoin had risen by 0.11% to $63,600.

Analyst Paul Golding mentioned fundamental drivers, including "loose fiscal policies, loose monetary policies, concerns about sovereign debt crises, capital controls, geopolitical unrest, institutional value transfers, cross-border payments, web3, and more."

Furthermore, in a report on Tuesday, he wrote, "In our view, the concentration of bulk commodity resources such as electrical infrastructure, computing, and bandwidth represents tangible value beyond the expected appreciation of bitcoin."

The analyst pointed out that some bitcoin miners are increasingly transitioning to high-performance computing infrastructure for artificial intelligence to boost revenue.

He noted, "Operating artificial intelligence cloud products from bitcoin mining facilities is still in its early stages, yet if the search for computing on a massive scale is generally embraced by miners, we might see this value game materialize in a potential, colossal way."