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Artificial Intelligence

Core Scientific and CoreWeave Are Going All In On AI Compute

June 7, 2024
x min read

CoreWeave just found a new partner for hosting their GPUs. And they’re one of the biggest publicly traded Bitcoin mining companies in the world.

What’s happening:

  • Bitcoin mining company Core Scientific (NASDAQ:CORZ) has announced a new partnership with specialized GPU provider CoreWeave to provide 200 megawatts of infrastructure to host CoreWeave’s GPUs for artificial intelligence cloud computing

By the numbers:

  • The long term hosting agreement is set to generate more than $3.5B USD in revenue for Core Scientific over 12 years
  • Core Scientific currently has 1.2 gigawatts of contacted power across all of its operations

Going deeper:

The intrigue:

  • CoreWeave also made an offer to purchase Core Scientific outright at a price of $5.75 per share, which was ultimately rejected by Core Scientific

Market reaction:

  • Shares of Core Scientific are up more than +60% since the announcement

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