AI infrastructure leader CoreWeave, Inc. (NASDAQ: CRWV) has announced a $9.0 billion, all-stock deal to buy data center operator Core Scientific, Inc. (NASDAQ: CORZ). The market reacted with immediate skepticism,

Artificial intelligence cloud infrastructure provider CoreWeave said Monday it plans to buy Core Scientific, a data center infrastructure operator. It is an all-stock deal valued at approximately $9 billion.

The $9 billion deal is a play on AI power needs, but one analyst thinks the purchase price undervalues Core Scientific’s business and potential.