Cipher Mining is shifting focus from pure Bitcoin mining to AI and high performance computing. They recently signed a long-term agreement with AWS worth roughly $5.5B and brought on new leadership to manage the transition. Analysts raised their price target to $30, citing the company's large scale power capacity as a major advantage. Some valuation models peg fair value at $27.25, significantly higher than the recent close of $16.55. However, the valuation is getting steep. The stock currently trades at a Price-to-Sales ratio of 31.7x, which is well above the peer average of 17.9x. The market is already pricing in a lot of successful execution on these new AI contracts.