Oppenheimer initiated coverage of Core Scientific (CORZ) with an Outperform rating and $15 price target. The firm notes Core Scientific is the first pure play bitcoin miner to aggressively reposition itself to a provider of high-performance compute digital infrastructure specialized for AI workloads. The company has +780MW of capacity that it is converting cost-effectively to be used for HPC. Since emerging from bankruptcy in early 2024, the company strengthened its balance sheet and now has the necessary capital to execute on its growth strategy, Oppenheimer adds. It has one primary HPC customer CoreWeave (CRWV) with a very attractive ten-year contract, whereby CoreWeave puts the CAPX for the datacenter upgrades.
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