Core Scientific Stock Surges on Strong AI-Driven Earnings, Major AMD Data Center Deal

Core Scientific (NASDAQ: CORZ) shares rose sharply in pre-market trading after the company reported a 109% surge in second-quarter revenue and announced a transformative, multi-gigawatt data center hosting agreement with chip designer AMD. The news underscores the company's rapid and successful pivot from its Bitcoin mining origins toward servicing the high-demand artificial intelligence infrastructure market.

AI-Driven Growth Fuels Earnings Beat

Core Scientific posted total revenue of $164.2 million for the quarter ended June 30, 2026, more than double the $78.6 million reported in the same period last year, according to its latest financial release. The growth was primarily driven by its colocation business, which generated $136.7 million, a dramatic increase from just $10.6 million a year prior.

The company's operational performance also improved significantly. Adjusted EBITDA, a key measure of profitability, reached $41.1 million, up sharply from $8.9 million in the first quarter of 2026, reflecting improving operational leverage from its strategic shift.

Transformative AMD Data Center Partnership

Alongside its earnings, Core Scientific revealed it had entered into a series of long-term lease agreements with AMD for high-power data center capacity. The deal represents a major validation of the company's infrastructure capabilities.

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Key terms of the partnership include:

• An initial commitment from AMD for approximately 529 megawatts (MW) of capacity across sites in Texas, Oklahoma, Alabama, and Georgia.
• An option for AMD to reserve an additional 1,925 MW through late 2028, bringing the total potential scope to 2.5 gigawatts.
• An estimated total contracted revenue opportunity of more than $24 billion.
• Warrants granted to AMD for up to 30 million Core Scientific shares, which will vest based on megawatt-based milestones.

Market Reaction and Analyst Caution

Investors responded positively to the announcements, with Core Scientific's stock rising 4.7% in pre-open trading. The move stood out against a mixed broader market, where major indices were largely flat as investors awaited a Federal Reserve rate decision.

However, a note of caution came from analysts at Keefe, Bruyette & Woods, who downgraded the stock from "Outperform" to "Market Perform" on the same day. The firm set a $25 price target, flagging concerns that investor expectations may already be running ahead of near-term fundamentals following the positive news.