On July 30, Core Scientific, Inc. rose 5.41% in pre-market trading, trading at $18.89/share, with turnover of $276,200. The rebound follows two consecutive sessions of heavy selling triggered by a massive Q2 earnings miss.
On the news front, market participants appear to be reassessing the strategic value of the company's landmark partnership with AMD. The agreement, disclosed alongside Q2 results, encompasses a 15-year infrastructure deal covering 530 MW of capacity across five campuses, with potential base contract revenue exceeding $14 billion. The partnership doubles Core Scientific's total leased AI data center capacity to approximately 1.1 GW, with AMD retaining exclusive rights to reserve up to an additional 2 GW of future capacity. Deployment will feature AMD Instinct GPUs, EPYC processors, and ROCm software beginning in 2027.
The stock had declined sharply from a pre-market high above $23 on July 28 after Q2 EPS of $(3.32) dramatically missed the consensus estimate of $(0.06-0.10) loss, despite revenue of $164.2 million beating the $143-145 million estimate. A preceding downgrade by Keefe, Bruyette & Woods to Market Perform compounded selling pressure.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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