Bernstein analyst Gautam Chhugani raised the firm’s price target on Core Scientific (CORZ) to $24 from $17 and keeps an Outperform rating on the shares. The firm notes that Bitcoin miners are now an integral part of the AI value chain, providing warm powered shells for AI data centers – considered the biggest bottleneck to execution. Every U.S listed Bitcoin miner has pivoted towards optimizing value of their power assets over maximizing Bitcoin upside. Bernstein updates the valuation model of miners within its coverage and has discarded our DCF valuation methodology to capture the different valuation multiple for Bitcoin mining and AI/HPC colocation business.
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