Forget AI Stocks: This Crypto Miner Is the Real Infrastructure Play of 2026

By Dominic Basulto – Feb 15, 2026 at 7:48AM ESTKey PointsBitcoin mining companies such as TeraWulf are now looking to repurpose their massive computing capacity for AI.TeraWulf has been selling Bitcoin to finance its AI expansion plans.As long as the demand for AI compute continues, TeraWulf may be able to double in value.We’re bullish on these 10 stocks ›NASDAQ: WULFTeraWulfMarket Cap$6.8BToday's Changeangle-down(2.20%) $0.35Current Price$16.26Price as of February 13, 2026 at 4:00 PM ETWith the price of Bitcoin on the decline, crypto mining companies are making the pivot into AI.Crypto mining stocks are hot right now, but not for the reason you might think. With the price of Bitcoin (BTC 1.37%) taking a nosedive below the $100,000 price level, crypto mining companies are now making a pivot from Bitcoin into artificial intelligence (AI). Smaller Bitcoin mining companies have the edge here, given their ability to turn on a dime, and one of the companies on my radar right now is TeraWulf (WULF +2.20%), an AI-focused Bitcoin miner with a market cap of $7 billion. The company's stock is up 52% year to date, and more than 240% over the past year. The AI pivot Long story short, much of the massive computing power used to mine Bitcoin can now be used to power AI projects. And that's starting to excite a lot of Wall Street investment firms. Morgan Stanley, for example, recently initiated coverage of the Bitcoin mining sector, with a focus on finding undervalued AI infrastructure plays. Image source: Getty Images. Not surprisingly, TeraWulf was one of those potential AI infrastructure plays. Morgan Stanley emphasized TeraWulf's ability to execute on large-scale power infrastructure projects. Think: lots and lots of high-end data centers, all powering the latest AI innovations. Plans call for TeraWulf continuing to grow its AI infrastructure footprint through 2030. As long as the demand for AI compute remains high, TeraWulf should continue to soar. How much higher can WULF go? Until late 2024, any growth estimates for TeraWulf would have been primarily tied to its ability to scale its Bitcoin mining operations. At the end of the day, TeraWulf would have been valued based on how much Bitcoin it held on its balance sheet, as well as how much higher the price of Bitcoin might soar in the future. ExpandCRYPTO: BTCBitcoinToday's Change(-1.37%) $-959.93Current Price$68923.00Key Data PointsMarket Cap$1.4TDay's Range$68823.00 - $70898.0052wk Range$60255.56 - $126079.89Volume39B But TeraWulf has been shedding Bitcoin to help finance its AI compute operations. It's simply more profitable to be in the AI business right now than in the Bitcoin business. That's raising an interesting question for investors: Should the company be valued as a Bitcoin miner, or as an AI infrastructure play? ExpandNASDAQ: WULFTeraWulfToday's Change(2.20%) $0.35Current Price$16.26Key Data PointsMarket Cap$6.8BDay's Range$15.20 - $17.5952wk Range$2.06 - $17.70Volume43MAvg Vol33MGross Margin5.02% If the answer is "Bitcoin miner," then the upside of TeraWulf may be significantly capped, given that it owns a minimal amount of Bitcoin right now. But if the answer is "AI infrastructure play," then the sky's the limit. Morgan Stanley, for example, thinks TeraWulf could hit a price target of $37. That's more than double its current price of $17. There are other Bitcoin mining companies making the same pivot to AI, but TeraWulf is among the best. It's hard to argue with a stock that's up more than 240% in 12 months.Read NextFeb 9, 2026 •By Eric TrieStock Market Today, Feb. 9: TeraWulf Jumps After Morgan Stanley Initiates Coverage With Bullish AI ViewOct 14, 2025 •By Eric VolkmanWhy TeraWulf Stock Leaped More Than 10% Higher on TuesdaySep 9, 2025 •By Johnny RiceWhy TeraWulf Stock Skyrocketed 83.1% in AugustMay 9, 2025 •By Eric VolkmanWhy TeraWulf Stock Got Rocked TodayJul 13, 2023 •By Bram BerkowitzWhy Shares of Riot Platforms, TeraWulf, and Marathon Digital Are Surging This WeekApr 12, 2022 •By Travis HoiumWhy TeraWulf's Shares Plunged 30.1% on TuesdayAbout the AuthorDominic Basulto is a contributing Motley Fool crypto analyst covering cryptocurrencies, digital assets, and crypto-related companies. Prior to The Motley Fool, Dominic was a technology and innovation journalist at The Washington Post and Fortune. He holds a bachelor’s degree in politics from Princeton University and an MBA in finance from Yale School of Management.TMFCryptoDomX@dominicbasultoStocks MentionedTeraWulfNASDAQ: WULF$16.26 (+2.20%) $+0.35BitcoinCRYPTO: BTC$68923.00 (1.37%) $959.93*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.