Why Core Scientific Shares Are Trading Higher Tuesday
Portfolio Pulse from Dylan Berman
Core Scientific, Inc. (NASDAQ:CORZ) shares are trading higher after the company exercised its first option contract with CoreWeave for additional infrastructure to host high-performance computing operations. The 12-year contract is expected to boost earnings and increase shareholder value, contributing an extra $1.225 billion in projected cumulative revenue.
June 25, 2024 | 3:51 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Core Scientific shares are up 8.65% following a new 12-year contract with CoreWeave, expected to add $1.225 billion in revenue. The contract involves infrastructure adjustments to host CoreWeave’s NVIDIA GPUs, with changes starting in the second half of 2024.
The new contract with CoreWeave is a significant development for Core Scientific, expected to boost earnings and shareholder value. The projected $1.225 billion in cumulative revenue is a substantial addition, and the market has reacted positively with an 8.65% increase in share price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100