Shares of Core Scientific (CORZ) gained in pre-market trade on Wednesday after analysts raised their price targets following the company's new AI infrastructure partnership with Advanced Micro Devices (AMD), even after the stock finished flat in the previous session.

Needham raised its price target on Core Scientific to $35 from $29 and maintained a ‘Buy’ rating, as per TheFly. "The AMD lease announced yesterday represents a large quality lease," Needham wrote, adding that recent weakness in Core Scientific shares has been "mostly due to the broader weakness in AI infrastructure."

Canaccord also lifted its price target to $36 from $30 and reiterated a ‘Buy’ rating. Analyst Joseph Vafi said the AMD agreement marks an important milestone after Core Scientific walked away from exclusive negotiations with an unnamed hyperscaler earlier this year.

gained around 2% in pre-market trade. On Stockwits, retail sentiment around the company remained in ‘bullish’ territory over the past day, and chatter rose to ‘high’ from ‘normal’ levels. Platform data showed an over 570% jump in message volume over the last 24 hours.

AMD Deal Accelerates Core Scientific's Pivot From Bitcoin Mining

The price target hikes followed Tuesday's  that AMD will lease more than 500 megawatts of U.S. data center capacity from Core Scientific beginning in 2027, with an option to expand that commitment to 2.5 gigawatts over time. The companies also plan to collaborate on deploying AMD's Instinct GPUs, EPYC CPUs, and ROCm software across Core Scientific's AI-ready facilities.

The agreement represents another step in Core Scientific's transformation from a cryptocurrency miner into an AI infrastructure provider, capitalizing on growing demand for high-performance computing capacity from hyperscalers and enterprise AI customers.

The company still holds around 848 Bitcoin (BTC) on its balance sheet, worth around $53.8 million at current prices.  traded around $64,400 Wednesday morning, up roughly 1.7% over the past 24 hours.

How Is Retail Feeling About CORZ Stock?

Retail traders on Stocktwits were divided following Tuesday's muted share price reaction. While some questioned the price movement of the stock, others viewed the pullback as a buying opportunity.

CORZ stock has gained over 40% this year and more than 50% in the last 12 months.