Core Scientific's newly announced AMD partnership is expected to generate about $14 billion in revenue over 15 years, with the chipmaker directly backstopping part of the arrangement, according to a Bernstein research note.
The note, led by analyst Gautam Chhugani and published Thursday, breaks the 530 megawatts of contracted capacity into two pieces: a 377-megawatt lease directly to AMD under a triple-net structure, and a 152-megawatt lease to an undisclosed neocloud that AMD is supporting with credit, according to the firm.
Chipmakers step into AI leasing The structure captures a broader shift Bernstein sees across the sector, in which chipmakers increasingly stand behind long-dated leases that allow former bitcoin miners to build AI capacity.
Core Scientific (CORZ) announced 530 megawatts of colocation deals, Hut 8 (HUT) announced 704 megawatts with a single tenant reportedly identified by the Financial Times as Nvidia, and AMD separately reserved 200 megawatts with Riot Platforms (RIOT).
Miners are the landlords with approved grid connections and powered shells, while the chipmakers lend their credit ratings to underwrite tenants that clamor for somewhere to deploy compute, in Bernstein's account.
