ERCOT’s Batch Zero process disclosed more than 5 GW of conditional power capacity for artificial-intelligence deployments, highlighting the push by Bitcoin miners and digital-infrastructure companies into AI and high-performance computing. Cipher Digital said ERCOT validated 3.2 GW of grid capacity across six Texas facilities, including 1.1 GW of Conditional Base Load and 2.1 GW of Conditional Studied Load. CIFR shares rose about 14% to an intraday high of $17.58 on Wednesday, supported by the ERCOT news and a broader rally in AI-focused equities. Cipher operates 807 MW across Barber Lake, Black Pearl and Odessa, while Reveille and Ulysses have received full authorization for another 270 MW. All 11 analysts rating CIFR during the past three months issued Buy recommendations, with a $30.59 consensus price target implying about 75% upside from Wednesday’s trading levels. ERCOT classifications remain conditional pending verification, audits, transmission-provider reviews and further approvals.