Potential Upside in Core Scientific Inc's Merger with CRWV Amid Valuation Discrepancies and Stock VolatilityWe are often asked by investors if CORZ shareholders will vote for the merger, and the answer highly depends on where CRWV is trading on any given day. We continue to view a fair takeout range of $16-23 for CORZ, which requires a CRWV stock price of ~$130-$186. As of Friday's close, the exchange ratio of 0.1235 indicates a valuation of $12.34 for CORZ, based on CRWV's stock price of $99.97. However, since CORZ's stock actually closed at $14.13, we believe this suggests that investors anticipate a rejected offer, given that the NPV of cash flows and the land value of CORZ's portfolio is worth more. However, just last Tuesday, CRWV traded at nearly $150, and the stock hit an all-time high of ~$183 on June 20th. As such, today's CRWV price is only one data point on a highly volatile deal price. The JEF PT on CRWV is $180, which is well within an appropriate valuation range, in our view.