Core Scientific (CORZ) Nosedives 30% After $9-Billion CoreWeave Merger Announcement
Core Scientific nosedived by 30.5 percent week-on-week as investors unloaded positions following news that it was being acquired by CoreWeave Inc. (NASDAQ:CRWV) for $9 billion.
Last week, CoreWeave (NASDAQ: CRWV) said that it signed a definitive agreement with Core Scientific, Inc. (NASDAQ:CORZ) to acquire the latter for a $9-billion all-stock deal.
Under the terms of the agreement, Core Scientific, Inc. (NASDAQ:CORZ) stockholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific common stock based on a fixed exchange ratio.
According to the companies, the acquisition will help CoreWeave verticalize its data center footprint to future-proof revenue growth and enhance profitability.
A Research Scientist examining the results of a digital immunoassay platform.
'Through this acquisition, CoreWeave will own approximately 1.3 GW of gross power across Core Scientific's national data center footprint1 with an incremental 1 GW+ of potential gross power available for expansion,' it said.
While we acknowledge the potential of CORZ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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