Core Scientific Surges to 302nd in Trading Volume with $26.8 Million Turnover Amid Market Volatility

On March 27, 2025, Core Scientific (CORZ) saw a significant increase in trading volume, with a turnover of $26.8 million, marking a 38.51% rise from the previous day. This surge placed Core Scientific at the 302nd position in terms of trading volume for the day. The stock price of Core Scientific also rose by 3.28%.

Core Scientific Inc. has faced a challenging market sentiment due to financial concerns and operational pressures, leading to a decline in its stock performance. The company is actively working to diversify its high-performance computing (HPC) customer base, aiming to reduce its reliance on CoreWeave to less than 50% of its business by 2028. This strategic move is part of Core Scientific's efforts to mitigate risks and enhance its financial stability.

Canaccord Genuity Group has reaffirmed a "buy" rating for Core Scientific, setting a price target of $17.00 per share. This positive outlook from the investment firm comes amidst a broader market downturn, where major indexes have tumbled into correction territory. The S&P 500, for instance, has fallen by just over 10% in recent weeks, reflecting the overall market volatility.

Bitcoin mining stocks, including Core Scientific, have experienced a decline following Microsoft's decision to halt plans for new artificial intelligence data centers in the US and Europe. This move has significant implications for the cryptocurrency mining industry, which has increasingly relied on AI-related business to supplement revenues affected by the Bitcoin network's April 2024 halving. Core Scientific, along with other major crypto mining companies, has seen its stock prices drop in response to this news. The company had previously committed 200 megawatts of hardware capacity to support CoreWeave’s artificial intelligence workloads, highlighting its strategic focus on the AI sector. However, the potential reduction in demand for AI data centers, as indicated by Microsoft's decision, could further strain these businesses. Analysts at TD Cowen reported that Microsoft had canceled plans to build several new data centers, citing an oversupply of computing capacity and a decision to forgo some collaborations with OpenAI, the maker of ChatGPT. This shift in strategy by a major tech player like Microsoft could have ripple effects across the AI and cryptocurrency mining sectors, potentially leading to a reassessment of investment strategies and business models within the industry.