14 Best New Tech Stocks To Buy Now

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1. Core Scientific Inc. (NASDAQ:CORZ)

Market Capitalization as of September 13: $2.68 billion

Number of Hedge Fund Holders: 53

Core Scientific Inc. (NASDAQ:CORZ) is a leading provider of blockchain infrastructure and hosting services, specializing in powering Bitcoin mining operations, and offering data center space, computing power, and energy solutions to cryptocurrency miners. It is recognized as the first digital asset miner in North America to achieve operating capacities of 100, 250, and 500 megawatts.

The company announced a contract with CoreWeave to lease a 16-megawatt data center in Austin for high-performance computing (HPC) hosting, which was delivered over 30 days ahead of schedule, with revenue generation commencing in the second quarter of 2024.

Core Scientific Inc. (NASDAQ: CORZ) reported a successful second quarter, earning $141.10 million in revenue, up 11.18% year-over-year. $5.5 million of this revenue came from HPC hosting revenue at the Austin data center. Management anticipates Austin data center margins to improve over time to between 35% and 40%.

In Q2, revenue from bitcoin mining rose by 14% year-over-year, primarily from a 134% increase in the price of bitcoin and an increase of 28% in our self-mining hash rate, which was due to the deployment of approximately 19,000 additional new-generation self-mining units. However, the number of bitcoins earned decreased by 52% because of the Bitcoin halving event and heightened competition.

The majority of the company’s revenue comes from bitcoin mining, and it is expanding into high-performance computing, which could generate nearly $6.7 billion in revenue over the next 12 years.

Core Scientific’s strong position in digital infrastructure positions it well for future growth, with 53 hedge funds holding long positions in the company. A notable achievement was the mandatory conversion of convertible notes, which removed $260 million in debt from the balance sheet, strengthening the company’s financial position.

While we acknowledge the growth potential of Core Scientific Inc. (NASDAQ:CORZ), our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than the stocks on our list but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

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