Why Core Scientific Inc. (CORZ) Went Up On Wednesday?

We recently published a list of Pulse of the Market: Wednesday’s 10 Top Performers. In this article, we are going to take a look at where Core Scientific Inc. (NASDAQ:CORZ) stands against other Wednesday’s top performers.

The stock market regained momentum on Wednesday, with all main indices ending in the green, as investors cheered the Federal Reserve’s decision to keep interest rates unchanged.

The tech-heavy Nasdaq led the gains, rallying 1.41 percent, followed by the S&P 500 with a 1.08 percent gain, and the Dow Jones, by 0.92 percent.

Optimism spilled over into companies, with 10 particularly leading the charge. In this article, we have identified Wednesday’s 10 best performers and detailed the reasons behind their gains.

To come up with the list, we considered only the companies with a $2-billion market capitalization and $5 million in trading volume.

A table full of technology, with bitcoin mining rigs and a laptop showing a financial graph.

Core Scientific Inc. (NASDAQ:CORZ)

Core Scientific rallied by 8.23 percent on Wednesday to end at $8.68 each as investors resumed buying on news that it was set to expand its existing footprint in Dalton, Georgia.

Last week, reports said that the Whitfield County Board of Commissioners gave the green light for CORZ to develop over 170 acres of land along Old Titan Road from general agriculture and rural residential to heavy manufacturing.

The company is looking to build an AI data center called Dalton 4 in the area, close to its existing facilities, which it expects to open by July 2026.

According to reports, another facility is expected to be built in the future.

At present, CORZ boasts a 195MW footprint, with one of its data centers housing Nvidia Corp.’s DGX hardware.

Overall, CORZ ranks 6th on our list of Wednesday’s top performers. While we acknowledge the potential of CORZ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as CORZ but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.