Canaccord initiated coverage of Core Scientific with a buy rating, highlighting its imminent transition into a major AI hosting provider and promising business prospects.
Canaccord's report revealed that a transformative 12-year contract with hyperscaler CoreWeave is a 'landmark mega deal' for Core Scientific, setting the stage for significant growth.
Analysts from Canaccord noted that Core Scientific's future is bolstered by rising AI hosting revenue, improved cash flow, and the potential for site acquisitions, enhancing the stock's appeal.
With approximately 230 MW of power still available for bitcoin mining, Core Scientific demonstrates a dual path for profitability beyond its new focus on AI data center hosting.
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