Core Scientific shares surged 35% Thursday after The Wall Street Journal reported CoreWeave is in talks to acquire the bitcoin mining and AI hosting provider. The rally, which briefly halted trading, marked the stock’s second-largest gain since rejoining the Nasdaq in January 2024. The potential deal would deepen Core Scientific’s pivot into AI infrastructure, expanding its 12-year partnership with CoreWeave, which includes 10.2 billion dollars in revenue commitments and 590 megawatts of infrastructure by early 2026. The reported talks could lead to a transaction within weeks, lifting Core Scientific’s market cap to nearly $ 5 billion, five times the valuation of last year’s rejected bid. The move reflects a broader industry shift from cryptocurrency mining toward AI workloads, aiming to capture higher-margin opportunities.
