Core Scientific

Core Scientific has signed a long-term AI infrastructure partnership with AMD that could reshape its revenue base as bitcoin mining becomes a smaller part of the business. The agreement follows the end of a Block mining-chip purchase deal and comes as Core Scientific expands contracted colocation capacity.

Benchmark nearly doubled its price target on Hut 8 to $165 from $85, citing the value of the Beacon Point AI data center campus and the company’s faster shift into AI infrastructure. The broker said contracted leases, large-scale project financing and a development pipeline of more than 9 gigawatts support a longer runway despite recent share weakness.

Compass Point analysts argue that investors are giving limited credit to signed AI data center leases at several companies that once traded primarily as bitcoin miners. The firm says Applied Digital, TeraWulf and Cipher Mining show the biggest valuation gaps as the sector shifts toward recurring infrastructure income.

MicroStrategy is leveraging billions in convertible bonds to buy Bitcoin, a unique strategy raising billions but posing risks for crypto markets.