CORZ - This Bitcoin Mining Stock Just Reinvented Itself for Artificial Intelligence. Could It Go Parabolic in the Second Half of 2024?
2024-07-05 05:00:00 ET
One of the hottest opportunities in the tech sector right now is artificial intelligence (AI), so it's not surprising that just about every company these days is trying to show that it is an AI stock. And that includes Bitcoin miners, some of which are now attempting to reinvent themselves for the new AI market opportunity.
The poster child for this shift into AI is Core Scientific (NASDAQ: CORZ) , which shook up the Bitcoin mining industry at the beginning of June with a $3.5 billion AI computing deal. After the deal was announced, shares of Core Scientific skyrocketed in value, and the stock is now up more than 190% for the year.
There's a lot to unpack here, but it all comes down to raw computing power. AI requires an enormous amount of computing power, and that's exactly what Bitcoin mining companies can offer. It turns out that some of their high-powered Bitcoin mining rigs can be repurposed for AI computing, and that's creating a potentially huge new opportunity. Long story short, Bitcoin mining facilities are on the brink of being transformed into AI GPU hosting centers.
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This Bitcoin Mining Stock Just Reinvented Itself for Artificial Intelligence. Could It Go Parabolic in the Second Half of 2024?