What to know:
- Ah, Bernstein, the ever-optimistic seer, remains bullish on Core Scientific shares, even as they plummet like a lead balloon.
- According to the broker, this company is the undisputed champion of AI-focused bitcoin miners—who knew? 🤷♂️
- With a $17 price target, Bernstein maintains its “outperform” rating, which is a fancy way of saying, “We still believe in fairy tales.” 🧚♂️
In a twist worthy of a Dostoevskian plot, Bernstein clings to its bullish stance on Core Scientific (CORZ) despite the shares taking a nosedive of 30% earlier this week. This decline was triggered by the audacious Chinese AI startup, DeepSeek, which dared to question the intrinsic value of bitcoin miners as data centers. How scandalous! 😱
But fear not, dear investors! The stock is now available at a discount so deep it could rival the depths of despair in a Russian novel, according to Bernstein’s latest research report. 📉
Core Scientific, the so-called “leader of the pack” among AI-focused miners, boasts a staggering 1.3 gigawatts (GW) of power supply and a 12-year AI deal with CoreWeave. Truly, a match made in capitalist heaven! ⚡
As the analysts, led by the ever-hopeful Gautam Chhugani, opine, “Bitcoin miners have a 12-18 month finite window to build a hybrid data center business, while the hyperscaler capex remains consistent.” A poetic way of saying, “Hurry up before the clock runs out!” ⏳
Bernstein assures us that Core Scientific is on track to unveil its first cluster of data centers in the first half of the year, while simultaneously acquiring and developing new power sites. A veritable race against time! 🏃♂️
Interestingly, the stock now trades closer to bitcoin mining valuations rather than data center valuations, “despite 70% of its capacity allocated to AI,” as the report so eloquently states. A paradox worthy of existential contemplation! 🤔
With an outperform rating and a $17 price target, Bernstein seems to be the eternal optimist in this tale of financial woe. The stock was up 3.8% at $11.90 in early trading, proving that even in despair, there is a glimmer of hope. Or is it just a mirage? 🌅
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2025-01-30 14:21