Hut 8 (HUT) Gets 15% Boost From HPC Optimism

We recently published 10 Stocks With Eye-Popping Gains — 1 Surges 3,000%. Hut 8 Corp. (NASDAQ:HUT) is one of the top performers on Tuesday.

Hut 8 grew its share prices by 14.99 percent on Tuesday to end at $29.30 apiece as investor sentiment was bolstered by a general optimism for high-performance computing (HPC) stocks.

During the trading session, Hut 8 Corp. (NASDAQ:HUT) rallied alongside its counterparts, namely TeraWulf Inc., Riot Platforms, IREN Ltd., and Cipher Mining, after Nebius Group announced on the same day that it bagged an $18 billion cloud computing deal with Microsoft Corp.

The announcement allayed fears for the overall artificial intelligence industry, which was recently plagued by concerns of a bubble.

Meanwhile, Hut 8 Corp. (NASDAQ:HUT) is ramping up its expansion plans in the digital infrastructure sector with the planned construction of four new sites across the US.

Upon full commercial operations, the sites are expected to bring Hut 8 Corp.’s (NASDAQ:HUT) total power capacity to more than 2.5 gigawatts across 19 sites.

While we acknowledge the potential of HUT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.