CoreWeave (CRWV) stock opened lower on Tuesday, as analysts questioned whether the company's recent acquisition of Core Scientific (CORZ) would make a substantial contribution to its earnings.
After opening, CRWV's stock fell by 3.6%, reaching a low of $153.97. Despite the decline, the company, which has transitioned from a cryptocurrency miner to AI infrastructure, has risen 288% since its IPO in March, with a market capitalization of $75 billion.
Sell-off pressure increased after Gil Luria of D.A. Davidson raised concerns about CoreWeave's $9 billion all-stock acquisition of Core Scientific announced on Monday.
As reported by Cointelegraph, the deal offers Core Scientific shareholders 0.1235 shares of newly issued CoreWeave Class A common stock for each share of CORZ they hold.
"The acquisition of Core Scientific will not add any profits to CRWV," Luria stated on CNBC's Squawk Box. "What they are doing is just ensuring that CORZ does not allocate its capacity to others."
Mizuho analysts downgraded CoreWeave's stock from "outperform" to "neutral." While they acknowledged the potential benefits of acquiring Core Scientific, they indicated that CRWV's risk-reward profile now appears "balanced," suggesting that the stock may take a breather after a nearly 300% surge.
Cryptocurrency mining companies like Core Scientific are known for their high stock price volatility, often experiencing significant price swings due to their reliance on the cryptocurrency market.
Core Scientific's business is also closely tied to Bitcoin (BTC) halving cycles, which occur every four years, as reflected in its first-quarter financial report, where both revenue and profitability from its core business declined.
While CoreWeave may inherit some volatility after the acquisition, it remains unclear whether Core Scientific will retain its Bitcoin mining operations.
In its acquisition announcement, CoreWeave stated that it sees "the potential to repurpose [Core Scientific's assets] for HPC use or to divest the cryptocurrency mining business in the medium term."
HPC (high-performance computing) and AI workloads had already been a growing focus for Core Scientific prior to the acquisition.
Several other miners, including Hive Digital, have also made similar transitions to help protect revenue and profits amid volatile cryptocurrency prices.
Related: CleanSpark mined 685 Bitcoins in June, with a 145% year-over-year increase in hash rate.
Original article: “CoreWeave's Acquisition of Core Scientific Raises Analyst Concerns, Stock Drops”
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