CoreWeave Stands Firm on Core Sci Bid; Glass Lewis Joins Critics

Core Offer and Valuation - CoreWeave Inc. will not increase its $9 billion offer for Core Scientific Inc., as stated by CEO Michael Intrator, despite growing opposition to the deal [1][2] - Glass Lewis, a proxy adviser, recommended that shareholders reject the bid, citing concerns over the deal structure that exposes Core Scientific shareholders to volatility in CoreWeave's share price [2][3] Strategic Considerations - The deal is viewed as "strategically sensible" for Core Scientific investors, as it would integrate Core Scientific's data center operations with CoreWeave's AI cloud infrastructure [3] - However, there is a belief that Core Scientific may have greater upside potential as a standalone entity, especially given the increasing demand for AI infrastructure [3] Market Dynamics - CoreWeave has been expanding its customer base, recently securing a deal with Meta Platforms Inc. worth up to $14.2 billion, while Microsoft accounted for over 70% of its sales in the June quarter [4] - CEO Intrator anticipates new customers entering the market, although he notes that the customer base will not be as large as 20,000 for foundational models [5]