Dorm DAO, a University of Oregon blockchain group, has issued research recommending a full-position investment in AI mining project Pearl (PEARL), targeting $2.5 to $3. Pearl currently has a market capitalization of approximately $531 million. The fund identifies possible Coinbase and Kraken listings, an FP8 kernel upgrade and the AI compute narrative as the main growth catalysts. However, the report warns that real AI tasks account for less than 1% of blocks and token supply is expected to increase by approximately 86% next year. The report also flags undisclosed internal team holdings and the absence of a completed third-party code audit.