Compass Point stated that Bitcoin mining companies pivoting to AI data centers remain undervalued, naming Applied Digital (APLD), TeraWulf (WULF), and Cipher Mining (CIFR) as undervalued companies. The firm said unleased data center capacity has the potential to generate substantial rental income over time, and that the next two years will be an inflection point. Compass Point noted that once projects are completed and rent payments begin, investors will have a clearer picture of the facilities' recurring cash flow. CoinDesk reported that the US investment bank said many Bitcoin mining companies are shifting toward AI data centers and should now be valued less like businesses whose earnings depend on cryptocurrency prices and more like landlords that generate rental income. The market is assigning little value to data center capacity that has not yet been leased, according to Compass Point.