Bernstein: Core Scientific's 75% AI deal return is a capex-driven outlier, not an industry template

Investment firm Bernstein warns that Core Scientific's 75% return on assets from its AI deal is a capex-advantaged outlier rather than a replicable model for bitcoin miners broadly. Analysts peg TeraWulf at approximately 5% and Cipher at around 4% stabilised return on assets. The report cautions investors against treating Core Scientific's figures as an industry benchmark.