The landmark AMD partnership underscores the success of Core Scientific's preemptive data center buildout while underpinning their robust, multi-year AI monetization prospects. The warrant agreement with AMD has been extremely strategic, given the cheap warrant sum of $704.1M against the bull-case revenue opportunities of up to >$66B. The backlog burden underscores CORZ's future elevated capex, negative free cash flow, and deteriorating balance sheet pains, with it likely amplifying near-term volatility risks.
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