Core Scientific's $CORZ Pecos, TX site is a pretty clear example of how demand for large, multi-hundred-MW blocks of data center capacity has accelerated over the last year..
Prior to CoreWeave's $CRWV attempted acquisition of $CORZ in mid-2025, Pecos was Core Scientific's primary site for Bitcoin mining. The remainder of its portfolio had largely been contracted out on lease to $CRWV for AI/HPC workloads. At the time of the contemplated acquisition, it was unclear if this site was feasible for conversion to AI/HPC given its remote location in West Texas near the border of New Mexico. $CORZ had previously consolidated its BTC mining operations there accordingly.
$CRWV mgmt. even noted that $CORZ's "portfolio includes crypto mining assets which present medium-term optionality to repurpose or divest in alignment with our long-term strategy.. depending upon what our clients want.. we're not looking to expand our footprint into cryptocurrencies", hinting they might just sell the Pecos site to another Bitcoin miner post-close.
Fast forward to today, and the Pecos site is the largest individual facility within $CORZ's broader 530MW deal with AMD $AMD, as the entire site will be repurposed for AMD's AI/HPC workloads.. Microsoft $MSFT also recently announced a partnership with Chevron to build a 2.67GW site in Pecos.. And now Amazon $AMZN is rumored to be working on a 7.65GW (!!) campus in Pecos (powered by an on-site natural gas power plant, similar to $MSFT's planned site)..
This flurry of activity should put an end to the narrative that West Texas is incompatible for AI/HPC cloud workloads.. If anything, it's the opposite.
$CORZ $CIFR $GLXY
US job openings are rebounding:
US job openings jumped +9,000 in May, to 7.6 million, the highest since May 2024.
This follows a +698,000 surge in April, the biggest monthly addition since September 2022.
At the same time, total private job openings rose +2,000, to 6.8 million, the highest since March 2024, following a +635,000 increase in April.
As a result, the ratio of job openings to unemployed workers is up to 1.0, the highest since January 2025.
There are now 287,000 more available vacancies than unemployed workers, the largest difference since January 2025.
Is AI creating new jobs?
📢 𝐉𝐔𝐒𝐓 𝐈𝐍: SEC May Allow Tokenized Stock Trading Through New Crypto Exemption - $HOOD $COIN
👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:
➤ SEC is preparing an 𝐢𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 𝐞𝐱𝐞𝐦𝐩𝐭𝐢𝐨𝐧 for digital asset firms.
➤ Exemption could allow trading of 𝐭𝐨𝐤𝐞𝐧𝐢𝐳𝐞𝐝 𝐔.𝐒. 𝐬𝐭𝐨𝐜𝐤𝐬 on blockchain networks.
➤ Tokenized stocks are designed to enable 𝟐𝟒/𝟕 trading and instant settlement.
➤ 𝐂𝐨𝐢𝐧𝐛𝐚𝐬𝐞, Robinhood, and Kraken are among firms pursuing tokenized equities.
➤ Coinbase recently announced plans to launch 𝐭𝐨𝐤𝐞𝐧𝐢𝐳𝐞𝐝 𝐬𝐭𝐨𝐜𝐤𝐬 outside the U.S.
➤ SEC Chair 𝐏𝐚𝐮𝐥 𝐀𝐭𝐤𝐢𝐧𝐬 has signaled support for crypto market innovation.
➤ Tokenized stock market value has grown to 𝐨𝐯𝐞𝐫 $𝟔.𝟒 𝐛𝐢𝐥𝐥𝐢𝐨𝐧.
➤ Market was worth only 𝐚 𝐟𝐞𝐰 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐝𝐨𝐥𝐥𝐚𝐫𝐬 at the end of 2024.
➤ Some Wall Street groups oppose the proposal and seek formal rulemaking.
➤ SEC may also consider a broader 𝐬𝐚𝐟𝐞 𝐡𝐚𝐫𝐛𝐨𝐫 for crypto capital raising.
👉 𝐖𝐡𝐲 𝐈𝐭 𝐌𝐚𝐭𝐭𝐞𝐫𝐬:
➤ Could reshape how investors access and trade 𝐔.𝐒. 𝐞𝐪𝐮𝐢𝐭𝐢𝐞𝐬.
➤ May increase competition between 𝐜𝐫𝐲𝐩𝐭𝐨 𝐞𝐱𝐜𝐡𝐚𝐧𝐠𝐞𝐬 and traditional brokerages.
➤ Creates potential opportunities and risks around 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫 𝐩𝐫𝐨𝐭𝐞𝐜���𝐢𝐨𝐧 and market structure.
👉 𝐄𝐱𝐩𝐞𝐫𝐭 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭:
➤ "The innovation exemption would be a significant win for the crypto industry." — 𝐋𝐚𝐝𝐚𝐧 𝐒𝐭𝐞𝐰𝐚𝐫𝐭, Global Head of Fintech and Partner at White & Case.
➤ "It could potentially allow crypto firms to perform various stock market functions simultaneously, like trade execution and clearing, without complying with the full set of rules applicable to SEC-registered intermediaries like exchanges and broker-dealers." — 𝐋𝐚𝐝𝐚𝐧 𝐒𝐭𝐞𝐰𝐚𝐫𝐭, Global Head of Fintech and Partner at White & Case.
➤ "I expect the innovation exemption would permit only tokenized stocks that confer the same rights and protections as traditional equities." — 𝐇𝐞𝐬𝐭𝐞𝐫 𝐏𝐞𝐢𝐫𝐜𝐞, SEC Commissioner.
BREAKING: @coinbase ANNOUNCES "THE FIRST REAL, 1:1 BACKED TOKENIZED STOCKS ARE COMING"
"OWN ACTUAL TOKENIZED SHARES OF U.S. COMPANIES"
"TRADE, HOLD, AND REDEEM - ALL ONCHAIN"
"AUTOMATICALLY RECEIVE DIVIDENDS"
"NO DERIVATIVES, NO IOUS"
"Tokenized stocks will only be available in eligible jurisdictions outside the United States; coming soon"
The first real, 1:1 backed tokenized stocks are coming.
→ Own actual tokenized shares of U.S. companies
→ Trade, hold, and redeem - all onchain
→ Automatically receive dividends
No derivatives, no IOUs.
Welcome to the future of stocks.
Something that got missed in the noise last week: Coinbase got approved to offer true global crypto perps in the US. This took many years of work, and we're the first to offer this global liquidity to US users.
Backstory: For many years crypto trading has been moving offshore because the US didn't have clear rules, and perpetual futures were a superior product that traders wanted but it wasn't allowed in the US.
If we're being honest, probably ~half of all perpetual futures volume was Americans using offshore products via VPN with loose KYC controls (an open secret in the industry). Penalties for this were rarely, if ever, enforced, which as you can imagine, was frustrating for us as an American company following the rules. Others set up offshore entities and found ways around it.
After dozens of personal visits to DC, and many more from our policy team, I'm really proud we finally got approval to give US users access to true, global perpetual futures. This is important because we'll now see pooled global liquidity in perpetual futures, with the US and international markets being connected instead of fragmented.
Coinbase is strongest in the US, and the US is the largest market for trading, so there is now a chance to build a global network effect around liquidity. And US traders can now use these products in a compliant way with a US company, which hopefully provides greater customer protection.
Major credit to Chair Selig and Atkins on recognizing the importance of this for US capital markets. And we will keep working to update the system in a compliant way, and to be the best place you can trade.
$BTC: No one is ready for whats coming , the current status is as follow:
1. Short from 120k
2. Long from 71k (30% Closed)
3. Long from 75k (30% Closed)
4. Shorts accumulated at 82k (30%)
5. Remaining short orders active (70%)
Again, most not ready for whats coming
#SP500
Short order number four was triggered and I am complete with adding shorts on SPX. My accumulation for SP500 shorts is complete and I am not planning to add more shorts! The position is now fully filled with an average entry of 7009. Now its time to lean back and tea