Core Scientific (CORZ) stock rebounds after announcing a multi-gigawatt AI infrastructure expansion partnership with AMD, broadening its compute-supply footprint.

Core Scientific (CORZ) shares rallied in pre-market trading Tuesday following the company's second-quarter earnings report and announcement of a new infrastructure partnership with Advanced Micro Devices (AMD). CORZ stock jumped as much as 10% in early morning trade. On Stocktwits, retail sentiment around the company rose to bullish from neutral territory over the previous day, with message volume increasing 300% over 24 hours.

Core Scientific reported second-quarter revenue of $164.2 million, surpassing analyst estimates of approximately $135 million and more than doubling the $78.6 million from the same period last year. The company posted a loss of $0.06 per share, matching Wall Street expectations. The company increased its total leased customer power capacity to approximately 1.1 gigawatts, representing more than $24 billion in potential contracted revenue. As of mid-July, Core Scientific was billing customers for 437 megawatts of capacity, equivalent to roughly $635 million in annualized GAAP colocation revenue.

Capital expenditures climbed to $797.5 million during the quarter from $389.2 million in the first quarter. Liquidity increased to $1.82 billion from $1.04 billion, supported in part by $4.28 billion in debt issuance.

Under the agreement with AMD, Core Scientific will provide more than 500 megawatts of U.S. data center capacity beginning in 2027, with the ability to expand to 2.5 gigawatts. The companies will collaborate on physical infrastructure design and deployment of AMD's Instinct GPUs, EPYC CPUs, and ROCm software. As part of the deal, AMD will receive market-priced warrants to purchase CORZ common stock, subject to certain commercial conditions.

"Core Scientific's extensive portfolio of AI-ready data centers expands access to the infrastructure our customers need to deploy AMD AI solutions at scale," said Mathew Hein, AMD's senior vice president and chief strategy officer of corporate development. Core Scientific CEO Adam Sullivan said the partnership positions the company "to support AMD's technology roadmap and grow our relationship meaningfully over time."

AMD's stock fell more than 5% in pre-market trading Tuesday, though retail sentiment on Stocktwits trended in the bullish zone over the previous day.

The rally in CORZ stock comes after the shares tumbled nearly 9% in the previous session following a downgrade from Keefe Bruyette. Year-to-date, shares are up more than 40% and have gained more than 50% over the last 12 months.