Cipher Digital Tumbles 6% as Data Center Names Sell Off With Yields Higher; TeraWulf Falls 5%, Applied Digital Pulls Back

Impact · against what's priced in

The selloff in AI infrastructure names is a macro-driven repricing of long-duration assets due to rising Treasury yields, rather than a fundamental shift in company-specific execution. While the market already discounts the long-term AI revenue pipeline for CIFR and WULF, the increased cost of capital makes the remaining build-outs more expensive, reinforcing the current bearishness toward their conversion theses.

WULF−0.20

Already priced in

The price assumes

the possibility that falling interest rates will lower the heavy capital costs