Core Viewpoint - The $9 billion all-stock acquisition of data center operator Core Scientific by AI cloud computing company CoreWeave has faced market skepticism, highlighting investor concerns over valuation bubbles in the AI sector [1][3][7] Company Performance - Core Scientific's stock has dropped 25% since the acquisition announcement on July 7, with its market value now at $6 billion, which is $1.2 billion lower than the stock value offered by CoreWeave [1][4] - CoreWeave's stock has also declined by 20%, resulting in a market cap loss of over $12 billion [1][3] Investor Sentiment - Shareholders of Core Scientific are selling their shares, indicating a lack of trust in CoreWeave's stock as a payment method and questioning the sustainability of CoreWeave's valuation of $64 billion, which has a price-to-sales ratio of 13 and is not yet profitable [3][4] - The unusual market reaction suggests that investors believe maintaining independence may yield better returns than accepting CoreWeave's stock [4][7] Acquisition Dynamics - The acquisition was initially valued at approximately $20 per share for Core Scientific, but the current market price is about $1 lower, reflecting skepticism about the deal's attractiveness [4][5] - CoreWeave, as a tenant of Core Scientific, is obligated to pay over $10 billion in lease fees over the next 12 years, complicating the perceived value of the acquisition [5] Market Conditions - CoreWeave's stock price surged from $40 to $187 within a few months due to limited public float, which has created a bottleneck for potential investors [6] - Concerns are rising about a potential sell-off when the lock-up period for CoreWeave's shareholders expires on September 24, allowing insiders to sell approximately 290 million shares [6] Broader Implications - The challenges faced in this acquisition reflect deeper issues within the AI sector, as investors begin to question the high valuations of certain AI companies amidst a record stock market rally [3][7] - The significant price discrepancy in the acquisition deal suggests that it may ultimately fall through, negatively impacting CoreWeave's valuation [7]
官宣收购"房东"后,"当红AI炸子鸡"CoreWeave为何暴跌?
Hua Er Jie Jian Wen·2025-07-16 02:10