Core Scientific Inc (CORZ) saw its shares rise after announcing that CoreWeave, an AI hyperscaler, exercised its final option for a 200 megawatt (MW) hosting contract. This move will see Core Scientific expand its infrastructure to deliver an additional 120 MW of IT load, hosting CoreWeave’s Nvidia GPUs. The expansion is expected to significantly boost Core Scientific’s revenue and position it as a leading data center player in the rapidly growing high-performance computing (HPC) market.
Shares of Core Scientific, a Bitcoin mining company, jumped over 20% in the past week, driven by anticipation of a Federal Reserve interest rate cut and the company’s ambitious AI data center expansion plans. The Fed’s decision to lower rates, boosting risk assets like stocks and cryptocurrencies, further fueled the rally.
Core Scientific Inc. (CORZ) shares declined on Tuesday after the company announced a proposed offering of $350 million in convertible senior notes. The company plans to use the proceeds to repay outstanding loans and redeem its senior secured notes due in 2028. This move comes as Core Scientific faces financial pressure in the cryptocurrency mining industry.
