Core Scientific, Inc. (NASDAQ:CORZ) stock is moving higher on Wednesday after the company announced its purchase agreements and lease amendments were approved by the Denton City Council on Nov. 19.
The Details: Originally, Core Scientific leased about 31 acres of city-owned land and had access to 297 megawatts (MW) of power. Under the newly approved agreements, Core Scientific has expanded its lease to approximately 78 acres and increased its power access to 394 MW.
"Denton has been home to one of our most advanced data centers, and now we expect it will host one of the largest GPU supercomputers in North America, powering artificial intelligence," said Adam Sullivan, Core Scientific CEO.
"We have had a great experience operating in Denton and are grateful for the strong support we've received from the city staff and community members. We look forward to continuing our partnership with the City of Denton as we expand our infrastructure to support high-performance computing."
The expansion is expected to result in a $6.1 billion investment in real property.
How To Buy Core Scientific Shares
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Core Scientific's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
CORZ Price Action: At the time of writing, Core Scientific shares are moving 5.34% higher at $17.35, according to data from Benzinga Pro.
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