Trump Wants US To Be Bitcoin Mining Capital Of The World — Core Scientific's Move To Buy Chips From Jack Dorsey Just The First Step In That Direction? CEO Gives Us His Take
Portfolio Pulse from Aniket Verma
Core Scientific Inc. (NASDAQ:CORZ) has made a significant recovery after exiting bankruptcy, with its stock surging 260% due to Bitcoin's price recovery. The company is pivoting towards AI and high-performance computing, securing a $6.7 billion contract with CoreWeave. Core Scientific's purchase of mining chips from Jack Dorsey's Block Inc (NYSE:SQ) aligns with Trump's vision for US Bitcoin mining dominance.
September 29, 2024 | 1:15 pm
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POSITIVE IMPACT
Core Scientific's stock has surged 260% post-bankruptcy, driven by Bitcoin's price recovery and a strategic pivot to AI and high-performance computing. The company secured a $6.7 billion contract with CoreWeave, enhancing its revenue prospects.
The significant stock surge is attributed to Bitcoin's price recovery and the company's strategic pivot to AI, securing a major contract with CoreWeave. This positions Core Scientific as a key player in the data center market, boosting investor confidence.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Block Inc's sale of mining chips to Core Scientific marks a strategic move away from Chinese suppliers, aligning with Trump's vision for US Bitcoin mining dominance. This could enhance Block's position in the US market.
Block's sale of mining chips to Core Scientific represents a strategic alignment with US interests, potentially enhancing its market position and supporting domestic chipmaking capabilities.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70