Cloud computing provider CoreWeave has signed a $3.5 billion partnership with Bitcoin mining company Core Scientific, under which CoreWeave will pay $290 million per year for 12 years to the Austin-based Bitcoin mining company's data center to host AI-related computing hardware. The move doubled Core Scientific's stock price to $10 in early June. In addition, CoreWeave will cover all capital expenditures. AI applications such as ChatGPT have driven a surge in demand for large computer capacity, making companies such as Core Scientific popular because they can use cheap electricity in areas such as Texas and North Dakota and have signed agreements to obtain more energy from other places.