Jefferies gives crypto mining company Core Scientific a "buy" rating, and the stock has risen more than 300% this year

Odaily News "We see two drivers of bitcoin mining stocks working together, with bitcoin prices rising as artificial intelligence develops, and enthusiasm for bitcoin mining stocks returning," said Benchmark analyst Mark Palmer. In addition, Jefferies analyst Jonathan Peterson gave Core Scientific (CORZ) a "buy" rating with a target price of $19. CORZ closed up 6.2% to $14.2 per share and has risen more than 300% this year. "While all crypto mining stocks have risen due to the rise in bitcoin prices, miners such as IREN, Hut 8, Bitdeer and TeraWulf (which are more focused on powering artificial intelligence projects) have performed more prominently because they are seen as beneficiaries of both drivers," Palmer said. This summer, Core Scientific signed a 12-year agreement with AI hyperscale provider CoreWeave, with total revenue that could be as high as $3.5 billion. The company has signed three contracts, adding 70MW and 112MW agreements to its first 200MW agreement. Jefferies expects many large technology companies to closely monitor CoreWeave's development. (The Block)