Bernstein is optimistic about Core Scientific (CORZ) despite a recent 30% drop in its shares. The broker sees this as an opportunity to purchase the stock at a discounted price. Core Scientific is considered the top AI-focused miner and has a significant power supply and a 12-year deal with CoreWeave. Bernstein believes that bitcoin miners have a limited time to build a hybrid data center business, and Core Scientific is on track to deliver its first cluster of data centers this year. The stock is currently trading closer to bitcoin mining valuations, even though 70% of its capacity is allocated to AI. Bernstein has an outperform rating and a price target of $17 for Core Scientific's shares.



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