10 AI Stocks Making Waves on Wall Street

6. Core Scientific, Inc. (NASDAQ:CORZ)

Number of Hedge Fund Holders: 78

Core Scientific, Inc. (NASDAQ:CORZ) is one of the 10 AI Stocks Making Waves on Wall Street. On October 23, Roth analyst Darren Aftahi upgraded the stock to “Buy” from Neutral and raised his 12-month price target to $23.50 from $17. The firm said it’s upgrading the stock, assuming no deal with CoreWeave.

“With increasing activity and commentary around voting against the deal, we now assume no CORZ –CRWV deal and no renegotiation. CoreWeave called its bid ‘best/ final,’ and the fixed-ratio spread has inverted.”

In this case, Core Scientific has now reverted “to a standalone thesis to contract out its additional power pipeline to other tenant.”

“We pivot to a standalone CORZ that leases its power pipeline primarily for HPC. We are thus raising CORZ to Buy with a $23.50 PT (from $17) on a mix of discounted NPV [net present value] to its CRWV lease, ~700MW of uncontracted power and its remaining BTC power, as well as weight for recent $/watt M & A transactions.”

Core Scientific, Inc. (NASDAQ:CORZ) has transitioned into an AI business by leveraging advanced infrastructure and expertise in HPC (high-performance computing).