CoreWeave originally specialized in cryptocurrency mining before shifting its focus to artificial intelligence in 2019. In March, it went public with its stock price quadrupling amid the AI boom. The company plans to acquire Core Scientific, a Bitcoin miner, for about $9 billion in an all-stock deal expected to close in the fourth quarter. This acquisition follows an increasing demand for computing power, as Bitcoin mining profits decline and AI companies require more resources for tasks such as training language models.
"Amid crypto's volatile ups and downs, CoreWeave shifted its business to AI in 2019, highlighting a strategic pivot necessary for sustainability amid changing market demands."
"Core Scientific's acquisition emphasizes the growing trend of Bitcoin miners repurposing their data warehousing infrastructures to accommodate the burgeoning demand from AI companies for computing power."
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