Canaccord has initiated coverage of Core Scientific, a bitcoin miner, stating that it has the potential to become a major player in artificial intelligence (AI) hosting. The firm highlighted a transformative contract that Core Scientific signed with data center CoreWeave in June, which Canaccord views as a game changer in the industry. The broker identified three positive drivers for the stock: revenue growth in AI hosting, improved cash flow, and potential site acquisitions. Canaccord assigned a buy rating and a $16 price target to Core Scientific. The company also has the potential to generate upside from its mining business.



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