Bernstein differentiated CleanSpark and MARA on AI infrastructure execution, maintaining an Outperform rating on CleanSpark with a $24 price target and assigning MARA Holdings a Market-Perform rating with a $17 target. The valuation gap, analysts said, reflects differing progress in shifting bitcoin mining operations toward AI infrastructure. CleanSpark has signed an anchor-tenant agreement for an AI data center and begun construction, while MARA is still waiting for its first commercial AI contract. CleanSpark previously disclosed a 20-year triple-net lease with a global investment-grade technology company covering 175MW of IT capacity at its Sandersville, Georgia project, alongside an exclusive arrangement over its 885MW Texas asset portfolio. Bernstein said CleanSpark's work with the tenant's designated engineering and construction contractor helps reduce execution risk on its first large-scale AI deployment, with the first data hall expected to enter service in the fourth quarter of 2027. For MARA, Bernstein was more cautious, saying a first commercial AI agreement would be an important catalyst for a re-rating; management has previously said it expects to sign at least two AI leasing agreements by the end of this year.