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Bye-bye Bitcoin, hello AI: Texas miners leave crypto for next new wave
In the race to power AI, bitcoin miners are teaming up with energy infrastructure companies in search of new ways to generate returns on their hefty investments.
"Data centers are rapidly evolving to support modern AI workloads, requiring new levels of high-density rack space, direct-to-chip liquid cooling and unprecedented overall energy demands," said Chase Lochmiller, Crusoe's co-founder and CEO. On Tuesday, B. Riley upgraded its stock to buy from neutral and raised its price target on the shares to $13 from 50 cents, citing the company's recent spate of deals with CoreWeave, an Nvidia-backed startup that's one of the main providers of the chipmaker's technology for running AI models. At full capacity, Lancium President Ali Fenn tells CNBC that this will be one of the largest artificial intelligence data center campuses in the world, in the latest example that the race to power AI — and leave bitcoin mining behind — is accelerating.
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