Core Scientific shares spike to an intraday high of $12.48 just after the announcement from Fed Chairman Jerome Powell.

Core Scientific, Inc. CORZ shares moved higher Wednesday as markets witnessed the first interest rate cut from the Federal Reserve in four years.

The Details: Bitcoin BTC/USD miner Core Scientific's stock has climbed more than 20% over the past five days, as investors anticipated an interest rate cut.

The Federal Reserve announced a 50 basis points (bps) cut Wednesday, bringing the federal funds rate down to a range of 4.75%-5% and increasing the appeal of risk assets like stocks and cryptocurrencies.

Core Scientific shares climbed throughout Wednesday's session and spiked to an intraday high of $12.48 just after the announcement from Fed Chairman Jerome Powell.

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Earlier this month, Core Scientific CEO Adam Sullivan shared plans with Bernstein analysts to significantly expand the company's AI data center services, potentially boosting its valuation to a range of $25 billion to $30 billion.

According to data from Benzinga Pro, Core Scientific shares are trading above the stock's 50-day moving average of $10.05 and just under its 52-week high of $12.25.

CORZ Price Action: According to Benzinga Pro, Core Scientific shares ended Wednesday's session up 4.79% at $12.03.

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