24/7 Market News Snapshot 06 Aug 2024 – Core Scientific, Inc. Common Stock (NASDAQ: CORZ)

August 6, 2024

Press Release

DENVER, Colo., 06 August, 2024 (247marketnews.com) – (Nasdaq:CORZ) are discussed in this article.
Core Scientific, Inc. (CORZ) witnessed a notable surge in stock value today, opening at $9.27 and currently trading at $9.86, a significant climb from the previous session’s close of $8.22. This impressive 20% increase in stock price underscores strong investor interest, as evidenced by the high trading volume of 15.1 million. Key technical indicators suggest a heightened demand and potential continuation of this upward trend, with investors advised to closely watch resistance levels and further volume fluctuations to assess the trend’s sustainability.

In an equally pivotal development, Core Scientific has announced an expansion of its high-performance computing (HPC) infrastructure in partnership with CoreWeave. This strategic initiative will elevate the company’s revenue potential to over $6.7 billion. CoreWeave, a leader in AI hyperscale computing, has exercised its option to contract an additional 112 megawatts (MW) of HPC infrastructure. This expansion, scheduled to commence site modifications in the latter half of 2024 and achieve full operational capacity by the first half of 2026, will significantly bolster CoreWeave’s NVIDIA GPU hosting capabilities.

The 12-year hosting contract associated with this expansion is expected to enhance Core Scientific’s cumulative revenue by approximately $2.0 billion. When combined with previous agreements, the total revenue impact from contracts with CoreWeave exceeds $6.7 billion. This growth trajectory highlights the escalating demand for sophisticated and energy-dense data centers, areas where Core Scientific’s expertise and capabilities are increasingly recognized.

CEO Adam Sullivan remarked on the strategic importance of this development, noting the significant achievement of contracting a total of 382 MW of HPC infrastructure with CoreWeave. The new contract reinforces Core Scientific’s commitment to providing advanced data center solutions that meet the evolving demands of the industry.

CoreWeave retains an option for an additional 118 MW, bringing potential total contracted capacity close to 500 MW, reinforcing Core Scientific’s leadership in the data center sector. Funded entirely by CoreWeave, this partnership promises sustained growth and long-term revenue, with two potential five-year renewals on the horizon.

Core Scientific remains dedicated to consolidating its position as a premier provider of digital and HPC infrastructure, with a total contracted power footprint of 1.2 gigawatts, poised to meet diverse computational needs in an increasingly digital world.

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