Jun 6, 2024
Hot Stocks 🔥

Core Scientific Up 50% In A Week | Nemo

Name of opportunity: 👀

Core Scientific Inc 

“We want in!”: 🎟️

AI companies and cloud service providers want to get in on the data centres owned by crypto mining companies like Core Scientific. AI software requires a lot more energy to run, so data centres that are able to support them are in high demand - especially if they are modern facilities with advanced cooling systems and energy-efficient hardware. 

How hot is this investment opportunity? 🔥🔥🔥🔥

At the time of writing, Core Scientific Inc stock has risen in value by 50%. Core Scientific signed a contract this week with CoreWeave, an AI startup that provides AI solutions and cloud software. Core Scientific said in a press release that the partnership between it and CoreWeave could bring in more than US$3.5 billion in revenue over the next 12 years.  CoreWeave has also made an offer to buy Core Scientific at a figure that’s estimated to be around US$1 billion, which Core Scientific rejected. 

This spike in value could be indicative that analysts and investors believe this new partnership will be very good news for Core Scientific. It might also be based on CoreWeave’s offer to purchase it, which can be interpreted as a vote of confidence by the startup in Core Scientific’s offer, service and performance as a company. 

AI seems to be becoming ever-more important to many different industries, and organisations need data centres to harness its power - a need that is unlikely to go away anytime soon. For this reason, analysts think Core Scientific Inc could be a good investment and many are recommending it as a ‘Buy’. 

High tech: 💻

Core Scientific is one of the United States’ largest bitcoin mining companies (meaning that the company’s powerful computers are constantly solving algorithmic problems in order to create new bitcoin). As this article details, Core Scientific’s technology is also available on a B2B basis for companies, most often previously for other companies to mine Bitcoin too, but more recently to help facilitate their AI projects. Core Scientific has eight data centres across Georgia, Kentucky, North Carolina, North Dakota and Texas. 

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Han Tan

Han Tan is a seasoned financial journalist and news presenter renowned for his expertise in global markets. With a career highlighted by interviews with prominent figures and recognition from major media outlets like CNN and Reuters, he delivers insightful analysis on market news and macroeconomic trends to clients and international audiences. Han's sharp commentary on currencies, stocks, and commodities is familiar to viewers of Bloomberg TV Malaysia, BFM 89.9, and NTV7, cementing his sterling reputation in the industry.