Bitcoin Miner Core Scientific’s Stock Rallies 12%

Core Scientific’s stock (CORZ) surged over 12% on August 6, following the expansion of a billion-dollar deal with artificial intelligence cloud provider CoreWeave. CoreWeave is expanding its hosting agreement with Core Scientific to secure additional resources for its Nvidia graphics processing units (GPUs). According to an announcement on August 6, Bitcoin miner Core Scientific will modify its infrastructure to supply approximately 112 incremental megawatts to CoreWeave’s GPUs. Core Scientific’s shares rose 12.1% to $9.22 on the Nasdaq following the news. The company anticipates generating about $2 billion in additional revenue from the 12-year hosting agreement with CoreWeave. The expansion comes