What Happened With Bitcoin Miner Core Scientific's Stock Today?
Portfolio Pulse from Erica Kollmann
Core Scientific's stock surged as the Federal Reserve announced a 50 bps interest rate cut, boosting risk assets like stocks and cryptocurrencies. The stock hit an intraday high of $12.48 and closed up 4.79% at $12.03. The company plans to expand its AI data center services, potentially increasing its valuation significantly.
September 18, 2024 | 9:28 pm
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Core Scientific's stock rose significantly due to the Federal Reserve's interest rate cut, which increased the appeal of risk assets. The company's plans to expand AI data center services could further boost its valuation.
The interest rate cut by the Federal Reserve makes risk assets like stocks more attractive, leading to a rise in Core Scientific's stock. Additionally, the company's expansion plans in AI data centers could further enhance its valuation, contributing to positive investor sentiment.
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