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CoreWeave Powers Up: 70MW AI Expansion Boosts Core Scientific Stock by 10%

by Team Lumida
June 26, 2024
in AI
Reading Time: 3 mins read
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How CoreWeave’s Nvidia Partnership is Disrupting Cloud Computing Giants

Source: CNBC

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Key Takeaways

  • CoreWeave expands AI hosting with Core Scientific by 70MW.
  • Core Scientific forecasts $3.5 billion revenue over 12 years.
  • Core Scientific’s stock jumps 10% pre-market.

What Happened?

CoreWeave, a $19 billion AI cloud computing provider backed by NVIDIA, has expanded its AI hosting capacity with Core Scientific by an additional 70 megawatts. This expansion comes just a month after their initial 200-megawatt deal. Core Scientific will modify 100 megawatts of its existing infrastructure to accommodate CoreWeave’s NVIDIA GPUs for high-performance computing.

The modifications will start in the second half of 2024 and are expected to be operational by the second half of 2025. This 12-year contract is projected to add $100 million in annual revenue for Core Scientific, which aims to operate 270 megawatts of AI hosting capacity by the end of 2025.

Why It Matters?

Why should this matter to you? Core Scientific’s stock surged 10% during pre-market hours following the announcement. This expansion signifies a robust partnership between CoreWeave and Core Scientific, enhancing both companies’ capabilities in AI and high-performance computing.

The projected $3.5 billion revenue over 12 years showcases the lucrative potential of this collaboration. Such significant revenue and stock performance can positively impact shareholders and attract new investors.

What’s Next?

So, what’s next on the horizon? Core Scientific plans to complete the site modifications by the second half of 2025. Additionally, CoreWeave still has the option to further expand its infrastructure by another 230 megawatts at other Core Scientific sites.

Investors should keep an eye on the stock’s performance and any future announcements regarding further expansions. As AI and high-performance computing demand grows, both companies stand to benefit significantly, making this a compelling story to follow.

Additional Considerations

For investors, it’s crucial to compare these results with industry expectations. The recent stock surge indicates strong market confidence. Moreover, Core Scientific’s management appears optimistic, projecting substantial long-term revenues.

Compared to competitors, this deal positions Core Scientific favorably in the AI hosting space. Given the rapid share price increase, monitoring market reactions and any shifts in consumer behavior related to AI and high-performance computing will be essential.

Source: The Miner Mag
Tags: AI hostingCore ScientificCoreWeaveNvidiastock surge
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Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

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