CoreWeave (CRWV) Makes $9 Billion Bet on Core Scientific to Power AI Growth

CoreWeave, Inc. (NASDAQ:CRWV) is one of the 10 AI Stocks Investors Are Watching This WeekOn July 7, CoreWeave announced that it will buy crypto miner Core Scientific in an all-stock deal valued at about $9 billion. The deal comes amid AI infrastructure firms racing to secure the energy and data center capacity needed for powering burgeoning demand.

According to CoreWeave, the deal will allow the immediate elimination of more than $10 billion of cumulative future lease overhead to be paid for existing contractual sites over the next 12 years. The offer prices Core Scientific at $20.40 per share, reflecting a premium of around 66% to the stock’s closing price before news related to deal talks surfaced in late June.

CoreWeave (CRWV) Makes $9 Billion Bet on Core Scientific to Power AI Growth

An image of a business executive with a handshake completing a deal.

Core Scientific stockholders will be receiving 0.1235 newly issued CoreWeave stock for each share they hold.

“This acquisition accelerates our strategy to deploy AI and HPC (high-performance computing) workloads at scale.”

-CoreWeave CEO Michael Intrator.

CoreWeave, Inc. (NASDAQ:CRWV) is a cloud platform provider that provides equipment for AI and other computing purposes.

While we acknowledge the risk and potential of CRWV as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CRWV and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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