AI And Bitcoin Mining: What Core Scientific's Unexpected Partnership With Nvidia-Backed AI Firm Coreweave Tells Us
Portfolio Pulse from Aniket Verma
Core Scientific Inc. (NASDAQ:CORZ) has announced a 12-year partnership with CoreWeave, backed by Nvidia Corp. (NASDAQ:NVDA), to provide infrastructure for AI use cases, expected to generate over $3.5 billion in revenue. This move follows a trend among Bitcoin miners to diversify into AI services following the Bitcoin halving event in April.

June 04, 2024 | 5:14 am
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Bitdeer Technologies Group, another Bitcoin miner, has also partnered with Nvidia for AI services, indicating a broader industry trend towards diversification into AI.
Bitdeer's similar move to partner with Nvidia for AI services highlights a broader industry trend, which could positively impact its revenue streams.
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Core Scientific's 12-year deal with CoreWeave to provide AI infrastructure is expected to generate over $3.5 billion in revenue, marking a significant diversification from its Bitcoin mining operations.
The partnership with CoreWeave is a major revenue-generating opportunity for Core Scientific, diversifying its business model and potentially stabilizing its financials post-bankruptcy.
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Nvidia, backing CoreWeave, stands to benefit indirectly from the partnership with Core Scientific, as it will likely drive demand for Nvidia's GPUs used in AI applications.
Nvidia's backing of CoreWeave means it will likely see increased demand for its GPUs, which are essential for AI applications, indirectly benefiting from the Core Scientific partnership.
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