Core Scientific Inc. (CORZ) shares plummeted 5.90% during intraday trading on Friday, continuing a downward trend for the Bitcoin miner and AI infrastructure company.

The sharp decline is primarily attributed to sustained selling pressure following the company's recent earnings report, which fell short of market expectations. Despite an optimistic price target revision by Jefferies, the actual financial results disappointed investors, casting doubt on the near-term outlook for Core Scientific's business transformation toward AI computing infrastructure.

Additionally, broader weakness in the Application Software sector amplified the downside pressure, with several peers also trading lower during the session.