TeraWulf (WULF) Hits New High as Renewed AI Optimism Spills Over to Stock

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

TeraWulf rallied for a third consecutive day on Tuesday to nearly touch its 52-week high, as investor optimism for a fellow high-performance computing (HPC) company spilled over to its stock.

On Tuesday, TeraWulf Inc. (NASDAQ:WULF) jumped by as high as 12 percent to $10.32—just 3.6 percent shy of its highest 52-week price of $10.71—before ending the day just up by 11.96 percent at $10.30 apiece.

TeraWulf Inc. (NASDAQ:WULF) rallied alongside its counterparts, namely Riot Platforms, Hut 8, IREN Ltd., and Cipher Mining, mirroring Nebius Group, which announced on the same day an $18 billion cloud computing deal with Microsoft Corp.

TeraWulf Inc. (NASDAQ:WULF), a Bitcoin mining company that also engages in HPC, recently expanded a partnership with Google and Fluidstack for the supply of 360 MW of IT capacity to the latter.

In connection with the agreement, technology giant Google announced intentions to invest $3.2 billion in Terawulf Inc. (NASDAQ:WULF) to support the project, in exchange for warrants to acquire 32.5 million WULF common shares, or a 14-percent pro-forma equity.

While we acknowledge the potential of WULF 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.