Core Scientific (CORZ)

The sleeper story is a 6+ month slip in CoreWeave delivery buried under a headline contract expansion, suggesting either execution problems or supply chain constraints worse than management admits. The market sees '$10B CoreWeave partnership' but misses that after 6 months of 'active discussions with dozens of customers,' Core signed exactly zero new logos, making this a single-customer bet masquerading as a platform business. The binding constraint isn't demand, it's their ability to execute construction and sign anyone besides CoreWeave at acceptable terms. Most revealing quote: 'deferring significant capital deployment until negotiations with prospective customers are finalized' which translates to 'we can't get customers to commit.' My view changes if they announce even ONE hyperscaler contract in Q1, proving they can diversify beyond CoreWeave.