Billionaire Investor Took a Core Scientific Stake Before Its AI Pivot

Dan Loeb’s Third Point acquired a 54,000-share stake in Core Scientific, Inc. (NASDAQ:CORZ) in the second quarter, according to the hedge fund’s August 13F filing. The stake is valued at about $1.38 million as of June 30.

Recent News:

• Core Scientific reported third-quarter 2026 colocation revenue of $215 million, up nearly 60% sequentially, while adjusted EBITDA more than tripled to $134 million from $41 million, supported by 90 megawatts of additional billable capacity.
• The company disclosed that it would exit Bitcoin mining entirely by year-end and become a pure-play provider for AI and high-performance computing workloads.
• Core Scientific reduced its Bitcoin mining operations by nearly 50% by the end of September 2026 compared with year-end 2025 and expects to complete the wind-down in fourth quarter of 2026. The company plans to enter 2027 as a pure-play high-density colocation provider, focusing its capital and resources on AI and high-performance computing data center infrastructure.
• The company has contracted 590 megawatts of colocation capacity with CoreWeave, Inc. (NASDAQ:CRWV) and is currently billing for 485 megawatts across five completed campuses, up from 120 megawatts at the start of 2026.
• The company also inked a contract for 530 megawatts with Advanced Micro Devices, Inc. (NASDAQ:AMD) across five campuses, taking combined CoreWeave and AMD commitments above 1.1 gigawatts. The first AMD capacity delivery is expected in the first half of 2027, with half the contracted capacity scheduled for 2027 and the remainder for 2028.
• The company has secured another 385 megawatts of grid-connected power capacity, expected by mid-2028, and is exploring on-site power generation at Pecos through a planned 10.6-mile natural gas pipeline.
• Management expects fourth-quarter revenue to grow by double digits sequentially as more capacity comes online.

Technology Selloff vs CORZ Relative Strength Today

CORZ is outperforming its Technology sector peer group on Tuesday, down about 1.1% while the State Street Technology Select Sector SPDR ETF (XLK) is down 1.8%, a gap of roughly 0.6 percentage points. That relative strength matters because Technology is ranked 11 out of 11 sectors today, so any stock holding up is, by definition, fighting the day’s main source of selling pressure.

Zooming out, the sector trend has been weak: Technology is down 14.41% over the past 30 days and down 11.01% over the past 90 days. In that context, CORZ’s ability to hold up better than the sector today looks more like stock-specific positioning and support-level defense than a sector-led rotation back into growth.

Core Scientific vs Peers: How CORZ Stacks Up

This peer comparison is based on a curated set of stocks selected for this analysis: D-Wave Quantum Inc. (QBTS), Workiva Inc. (WK), CCC Intelligent Solutions Holdings Inc. (CCC), Q2 Holdings Inc (QTWO), and BILL Holdings, Inc. (BILL). Over the past year, Core Scientific fell 34.60% versus a -13.95% average for this peer group, trailing by 20.66 percentage points. On an individual basis, Core Scientific was ahead of just one peer and trailed four: BILL Holdings, CCC Intelligent Solutions, Q2 Holdings, and Workiva.

Within the group, BILL Holdings, Inc. was the strongest performer at +13.22%, while D-Wave Quantum Inc. was the weakest at -65.19%. The remaining peers were mixed, with Workiva Inc. down 22.48%, Q2 Holdings Inc up 1.84%, and CCC Intelligent Solutions Holdings Inc. up 2.87%.

Benzinga Edge: CORZ Momentum Score and Trend Read

Below is the Benzinga Edge scorecard for Core Scientific, highlighting its strengths and weaknesses compared to the broader market:

• Momentum: Weak (Score: 4.76) — The stock’s trend profile remains soft, consistent with price sitting well below key moving averages.

The Verdict: Core Scientific’s Benzinga Edge signal reveals a momentum-light setup, with the scorecard flagging weak trend strength despite Tuesday’s relative outperformance versus a falling Technology sector. For longer-term traders, the chart argues for patience until CORZ can reclaim key resistance zones (starting near $15.00) and show improving momentum confirmation.

CORZ ETF Exposure: STCE and GCPU Weighting

• Schwab Crypto Thematic Natural Language Processing ETF (NYSE:STCE): 4.02% Weight
• Grayscale AI Compute ETF (NYSE:GCPU): 4.69% Weight

Significance: Because CORZ carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

CORZ Stock Today: Tuesday Price Action Snapshot

CORZ Price Action: Core Scientific shares were down 1.14% at $12.58 at the time of publication Tuesday, according to Benzinga Pro data.

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