Texas power grid moratorium will have limited direct impact on Bitcoin miners with already-approved power capacity contracts

"Bitcoin-miners-turned-AI-infrastructure providers offer investors exposure to AI demand without requiring a bet on which model or application ultimately wins — because the AI companies all require the same increasingly scarce power, compute capacity and physical facilities."

"Bernstein said many Texas miners are already covered by electric capacity agreements that have been approved, which could reduce near-term operational risk. Their central point: most miners operating in the state are under contracts for electric capacity that has already been approved."