Bernstein Stays Bullish on Core Scientific Despite 30% Stock Drop

Core Scientific Remains a Winner for Bernstein, Even After Stock Plunge
Core Scientific: A Discounted Gem, Says Bernstein, After 30% Slide
Bernstein Sees Long-Term Value in Core Scientific Despite Recent Losses
Core Scientific’s AI Focus Keeps Bernstein Bullish, Targeting $17

Bernstein remains optimistic about Core Scientific (CORZ), even after its shares plunged by 30% earlier this week, following a challenge to the value of bitcoin (BTC) miners as data center plays by the Chinese AI startup DeepSeek.

Despite the recent slide, Bernstein believes the stock is now available at a deep discount, according to a research report released on Thursday.

The firm continues to see Core Scientific as the “leader of the pack” among AI-focused miners, with 1.3 gigawatts (GW) of available power supply and a 12-year AI deal with CoreWeave.

According to analysts led by Gautam Chhugani, bitcoin miners have a 12-18 month window to develop hybrid data center businesses, while capital expenditure (capex) from the hyperscaler sector remains steady.

Bernstein highlighted that Core Scientific is on track to deliver its first data center cluster in the first half of the year, with the company also continuing to purchase and develop new power sites.

The stock is currently trading closer to bitcoin mining valuations rather than data center valuations, despite 70% of its capacity being allocated to AI, according to the report.

Bernstein has maintained an outperform rating on Core Scientific, with a $17 price target. The stock was up by 3.8%, trading at $11.90 in early trading.

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