Core Scientific Stock Rebounds on Analyst Upgrades Following AMD Deal

Core Scientific (NASDAQ: CORZ) shares gained 4.0% in pre-open trading, staging a partial recovery from a sharp sell-off in the previous session. The rebound is being driven by a wave of bullish analyst sentiment following the company's announcement of a major artificial intelligence infrastructure deal with chipmaker AMD.

Analyst Price Targets Rise

Several Wall Street firms upgraded their price targets on Core Scientific, reaffirming their positive outlook on the company's strategic pivot to high-density AI colocation. The new targets reflect increased confidence in the long-term value of the AMD partnership.

• Compass Point raised its target to $36 from $28.
• Macquarie increased its target to $38 from $35.
• Needham moved its target to $35 from $29.
• Canaccord lifted its target to $36 from $30.

Analysts at Needham attributed the stock's weakness in the prior session to broader selling across the AI infrastructure sector rather than any company-specific negative developments.

AMD Deal and Strategic Hires

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The upgrades center on a significant 15-year lease agreement with AMD for approximately 529 megawatts of IT capacity across five of Core Scientific's data center campuses. The deal includes 2.5% annual rent escalators and an option for AMD to expand the relationship up to 2.5 gigawatts, a potential revenue opportunity management estimates could exceed $24 billion.

Underscoring its focus on AI, Core Scientific also appointed Mark W. Adams to its Board of Directors on July 29. Adams brings extensive experience from his time as President and CEO of Penguin Solutions and President of Micron Technology, aligning the company's governance with its operational shift.

Mixed Financial Signals

While the strategic news has been positive, the company's recent financial results presented a more mixed picture. Core Scientific reported a second-quarter revenue beat with results more than doubling year-over-year. However, its adjusted EBITDA of $41.1 million fell significantly short of the $52.7 million consensus estimate.

Adding a note of caution, Keefe Bruyette downgraded the stock to Market Perform with a $25 price target, citing elevated execution risk for the second half of 2026. Separately, the company’s Chief Legal and Administrative Officer sold approximately $209,000 worth of shares on July 27 under a pre-arranged trading plan.