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Bitcoin Miner Core Scientific Investors Nix $9 Billion CoreWeave Merger

Core Scientific shareholders have rejected a proposed $9 billion all-stock merger with AI computing firm CoreWeave, ending discussions that began in July. During a special meeting, the required votes for approval were not met. Core Scientific, a leader in digital asset mining and digital infrastructure, announced that while the merger aimed to enhance performance by expanding into AI cloud computing, investors believed it undervalued the company amid rising operational costs and declining Bitcoin rewards. Following the announcement, shares of CoreWeave fell nearly 4%, whereas Core Scientific's stock saw a slight increase. CoreWeave's CEO expressed respect for the shareholders' decisions and a desire to maintain their commercial partnership, as both companies explore avenues for growth amidst challenges in the crypto and AI spaces.

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