WELLS FARGO REMAINS BULLISH ON AI/HPC DATA CENTER STOCKS INTO Q3 $CIFR: $25 PT, OVERWEIGHT Sees Cipher with the largest qualified pipeline among the HPC/AI players, which could translate into significant upside as more pipeline assets are converted into contracted deals. $WULF: $30 PT, OVERWEIGHT Highlighted TeraWulf likely having enough cash on hand to fund the equity portion of both the Hawesville & Muskie, eliminating near-term needs to access the equity markets. Also favored low-latency access to key East Coast interconnection hubs. $HUT: $175 PT, OVERWEIGHT Sees Hut 8 as a an innovative, vertically integrated power and data center operating platform, with a high-quality base of contracted capacity that is primarily anchored by direct investment-grade credits (>70% of its contracted NOI). $APLD: $50 PT, OVERWEIGHT Seen as a leader in the space with a high-quality book of investment-grade tenants, a proven design and construction track record, and an industry-leading market position in North Dakota. $CORZ: $28 PT, OVERWEIGHT Notes that Core Scientific remains the furthest along in the sector in delivering and operating data center capacity for end customers. Labeled as the industry-leader in converting announced deals to operating MWs, although meaningful concentration with CoreWeave.