Shares of Core Scientific Inc (NASDAQ:CORZ) are surging Wednesday afternoon, hitting new all-time highs, after the company unveiled a multi-tiered strategy to scale its Muskogee, Oklahoma campus to approximately 1.5 gigawatts of gross power. Here’s what investors need to know.
- Core Scientific stock is challenging resistance. Why are CORZ shares at highs?
Strategic Acquisition Unlocks Massive Power Capacity
This expansion aims to provide 1.0 gigawatt of leasable power for high-density colocation services, primarily serving artificial intelligence-related workloads. As part of this initiative, the company reached an agreement to acquire Polaris DS LLC, securing an existing 440-megawatt energy contract with Oklahoma Gas & Electric. The transaction is slated to close in the third quarter of 2026.
CEO Adam Sullivan highlighted that the acquisition and development plan will unlock gigawatt-scale capacity by utilizing 250 acres of secured land and innovative power solutions. Currently, a 70-megawatt building dedicated to the Nvidia GB300 platform is in final testing for delivery this quarter.
Additionally, construction has already begun on a separate 82.5-megawatt facility with initial delivery expected in the fourth quarter of 2027. The company says this growth strategy reinforces Core Scientific’s ongoing transition toward high-density compute infrastructure as it repurposes its existing mining facilities to meet surging AI demand.
Overbought RSI Signals Potential Momentum Cooling
Technically, the stock is extended after pushing through its prior 52-week high ($23.63) and trading above all major trend gauges, including the 20-day SMA ($19.88) and 200-day SMA ($16.84). At the current level, shares are trading 22.8% above the 20-day SMA and 45% above the 200-day SMA, which keeps the trend firmly bullish but also raises the odds of sharper pullbacks if momentum cools.
RSI is the clearest momentum lens right now: at 70.78, it’s in overbought territory, signaling the move is getting stretched versus its recent pace. That lines up with the note that RSI first entered overbought territory in May, suggesting buyers have been in control for weeks rather than this being a one-day spike.
- Key Resistance: $24.43 — price is in fresh breakout territory above the prior 52-week high zone ($23.63), so overhead supply is less defined
- Key Support: $19.88 — near the 20-day SMA, a level that often acts as the first “trend support” on pullbacks
CORZ Shares Surge Wednesday Afternoon
CORZ Price Action: Core Scientific shares were up 10.32% at $24.48 at the time of publication on Wednesday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
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