Core Scientific stock plummets after Microsoft reduces commitments with its data center partner
Microsoft has pulled back on commitments with cloud computing provider CoreWeave, which supplies Microsoft with computing capacity from data centers, according to the Financial Times. Microsoft walked back its partnership with the Nvidia-backed company after delivery issues and missed deadlines. CoreWeave recently filed to IPO at a possible valuation of $32 billion.
The move has sent the stock of Core Scientific down 12% as of 10:20 a.m. ET, as the bitcoin miner is a close partner with CoreWeave. The two are working on a $1.2 billion data center expansion together. Microsoft is CoreWeave’s biggest customer, accounting for more than half its revenue.
The move has sent the stock of Core Scientific down 12% as of 10:20 a.m. ET, as the bitcoin miner is a close partner with CoreWeave. The two are working on a $1.2 billion data center expansion together. Microsoft is CoreWeave’s biggest customer, accounting for more than half its revenue.
