Core Scientific Pivots to AI, Signs Deal with AMD for Up to 2.5 Gigawatts of Data Center Capacity
Core Scientific has signed a significant deal with chipmaker AMD to lease its AI infrastructure starting next year. The agreement marks a major pivot for Core Scientific, which is shifting from Bitcoin mining to building AI infrastructure.
The company will provide up to 2.5 gigawatts of data center capacity to support end customer deployments of AMD's AI solutions, with collaboration on physical infrastructure design and the deployment of AMD's Instinct GPUs, EPYC CPUs, and ROCm software.
This move comes as Core Scientific repurposes its facilities to support high-density colocation services. The company still holds 547 BTC and derives revenue from crypto mining hosting services, but its focus has shifted towards AI infrastructure.
Core Scientific's stock (CORZ) surged over 5% in premarket trading but has since dropped over 3% at the market open amid the announcement of this deal. The company's shares are up over 40% year-to-date despite a 12% drop over the past week.