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Core Scientific's Mixed Q1: AI Pivot, Data Center Boom
Description
Core Scientific reported a significant loss in Q1, despite a surge in revenue. They sold off bitcoin and wrote off mining gear to fund new projects and maintain cash flow. A $3.3 billion deal and loan repayment boosted their financial position. Colocation revenue soared, while crypto mining revenue plummeted. They expanded their partnership with CoreWeave and hold $1.04 billion in liquidity, focusing on AI power over crypto mining.
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