What's Going On With Core Scientific Shares Monday?

Core Scientific, Inc. CORZ shares are moving lower on Monday amid weakness in Bitcoin BTC/USD, which has dropped on overall uncertainty in the market.

The Details: The uncertainty in Monday’s market session may stem in part from the introduction of DeepSeek's advanced artificial intelligence (AI) model that has led to declines in stocks across various sectors, including technology, banking and nuclear energy.

The Chinese startup launched its open-source AI platform, DeepSeek R1, which is said to offer capabilities similar to OpenAI's ChatGPT, but at a much lower cost. The R1 model was developed for less than $6 million.

Stocks may be falling as investors potentially evaluate the startup's claim of using approximately 50,000 Nvidia H100 GPUs and its implications for American technology companies that have made substantial GPU investments.

Furthermore, the debut of DeepSeek’s AI platform may also raise concerns about shifts in demand that could impact GPU-heavy industries. This could further contribute to the pullback in crypto-linked stocks like Core Scientific, a company heavily involved in cryptocurrency mining, an activity dependent on GPUs.

As of last check, Bitcoin is trading at around $99,125, per data from Benzinga Pro.

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CORZ Price Action: At the time of writing, Core shares are moving 30.9% lower at $11.05, according to data from Benzinga Pro.

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