Here is your Forbes Daily Briefing for Friday, July 5th.

Today on Forbes,

why these Bitcoin Miners are becoming Summer's Hot AI Stocks.

Energy has become the hot commodity in the artificial intelligence world.

Take Cloud Computing Provider, CoreWeave, which in early June,

in the 3.5 billion dollar deal with Core Scientific.

The agreement involves Core Weave paying $290 million

annually over 12 years to the Austin-based Bitcoin Miner's data centers to host AI-related computing

hardware. CoreWeave will also cover all capital expenditures. The deal was so good

that core scientific stock doubled to $10 in early June, leading some observers

to view the company as the new so-called, quote, Picks and Shovels play for AI. On June 26th, CoreWe've announced a second contract,

this one projected to bring Core Scientific 1.2 billion dollars in revenue in the coming years.

Core Scientific emerged from bankruptcy in January

and is one of the largest Bitcoin miners in North America.

The soaring demand for heavy-duty computer capacity

is driven by AI applications such as

ChatGPT. Its queries require 10 times the electricity of traditional Google searches.

That immense power demand is putting a premium on companies like

Core Scientific that have access to cheap power in states such as Texas and North Dakota

and agreements to tap more energy from elsewhere.

Having sufficient power available now is vital when you consider that building high performance

computing or HPC data centers from scratch typically takes three to five years,

...