What's Going On With Core Scientific Stock Tuesday?
Portfolio Pulse from Adam Eckert
Core Scientific Inc (NASDAQ:CORZ) shares are trading higher after announcing that CoreWeave exercised an additional contract option for infrastructure. This new contract is expected to add approximately $2 billion in projected revenue over 12 years. Core Scientific will modify its infrastructure to deliver 112 MW for HPC to host CoreWeave’s Nvidia Corp (NASDAQ:NVDA) GPUs. The company is also set to report Q2 earnings soon.
August 06, 2024 | 3:44 pm
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Core Scientific shares are up 9.61% after announcing that CoreWeave exercised an additional contract option, adding $2 billion in projected revenue over 12 years. The company will modify its infrastructure to deliver 112 MW for HPC to host CoreWeave’s Nvidia GPUs.
The announcement of the additional contract option by CoreWeave and the significant projected revenue increase are positive news for Core Scientific. This has led to a 9.61% rise in share price, indicating strong investor confidence.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Nvidia Corp is indirectly impacted as Core Scientific will modify its infrastructure to host CoreWeave’s Nvidia GPUs. This partnership highlights the demand for Nvidia's high-performance GPUs in HPC applications.
The demand for Nvidia GPUs in CoreWeave's HPC infrastructure indicates strong market demand for Nvidia's products, which is positive for the company's future revenue and market position.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50