On the latest episode of The Drift with Adam Mesh, veteran trader and tastylive co-founder Tom Sosnoff broke down one of the strangest reactions the market has served up this month: TeraWulf (NASDAQ: WULF), the bitcoin miner turned AI data-center landlord. In early July 2026, TeraWulf signed a 20-year, roughly $19 billion contracted-revenue lease with Anthropic for its Justified Data Campus in Hawesville, Kentucky, a 401-megawatt site expected to come online in phases starting the second half of 2027. Morgan Stanley analyst Stephen Byrd responded by raising his price target on WULF from $66.50 to $72 with an Overweight rating on July 8, while the stock was trading around $22. Shortly after, TeraWulf disclosed plans to raise roughly $3.5 billion in debt, including its first leveraged loan and high-yield bonds, to actually build out the Anthropic-leased site, with Morgan Stanley leading the financing. Instead of rallying on all of this, WULF is now trading near $19, well below both the p...