Ten stocks soared by double-digit gains on Tuesday, while the broader market lagged in performance, as investor sentiment was bolstered by government initiatives and industry-related developments.
Meanwhile, Wall Street’s main indices all finished in the red, led by the Nasdaq losing 1.43 percent, followed by the S&P 500 declining 0.84 percent, and the Dow Jones dropping 0.34 percent.
In this article, we name the 10 best performers on Tuesday and detail the reasons behind their gains.
To come up with the list, we focused exclusively on stocks with more than $2 billion in market capitalization.
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10. TeraWulf Inc. (NASDAQ:WULF)
TeraWulf grew its share prices by 10.14 percent on Tuesday to close at $14.80 apiece as investors took heart from its ongoing expansion program which could see the development of some 1,480 MW of new digital and power capacity.
In a statement, TeraWulf Inc. (NASDAQ:WULF) said that it acquired a former industrial site in Hawesville, Kentucky capable of housing 250 buildable acres for compute capacity, high-voltage transmission lines, an on-site energized substation, and a direct connection to the regional transmission network.
At present, the Hawesville site operates 480 MW of existing power, and has the potential to expand over time. Redevelopment of the area is expected to occur in phases.
In Maryland, TeraWulf Inc. (NASDAQ:WULF) successfully acquired a 250-acre parcel of land which currently houses the Morgantown Generating Station, a grid-connected power generation facility capable of powering approximately 210 MW of operational generation capacity.
The land currently houses substantial electrical infrastructure and associated real property, with the ability to house an expanded 1 GW power generation capacity.
TeraWulf Inc. (NASDAQ:WULF) said that it is initially planning to develop a 500MW power capacity.
“These acquisitions reflect our strategy of reinvesting in existing energy infrastructure to support grid reliability, long-term economic activity, and responsible growth,” said TeraWulf Inc. (NASDAQ:WULF) Chairman and CEO Paul Prager.
“Hawesville provides immediate access to scalable power, while Morgantown allows us to expand existing generation to meet growing load demand in a way that is net-positive for the grid. Across both sites, we have the unique ability to serve end users while also delivering critically needed surplus electricity,” he added.
9. AST SpaceMobile Inc. (NASDAQ:ASTS)
AST SpaceMobile snapped two days of losses on Tuesday, jumping 10.72 percent to close at $115.76 apiece as investors took heart from Elon Musk’s optimistic comment for the space sector, saying that it could be the most “cost-effective” way to produce AI compute.
In a memo on the SpaceX website, Musk said that satellites in space would transform computing by directly harnessing near-constant solar power with little operating or maintenance costs.
“It’s always sunny in space! Launching a constellation of a million satellites that operate as orbital data centers is a first step towards becoming a Kardashev II-level civilization, one that can harness the Sun’s full power, while supporting AI-driven applications for billions of people today and ensuring humanity’s multi-planetary future,” he said.
AST SpaceMobile Inc. (NASDAQ:ASTS) rallied alongside its peers following the comments.
The announcement followed his successful merger of Musk’s companies, SpaceX and xAI, which was believed to have propelled the former’s valuation to $1 trillion, and the latter to $125 billion.
In other news, AST SpaceMobile Inc. (NASDAQ:ASTS) is set to launch late this month its next-generation Block 2 Bluebird Satellite to low Earth orbit.
The launch will be administered by Blue Origin’s New Glenn-3 and will take off from Launch Complex 36 at Cape Canaveral Space Force Station.
AST SpaceMobile Inc. (NASDAQ:ASTS) selected Blue Origin’s New Glenn launch vehicle in November 2024 as part of its launch campaign for its cellular broadband network. The Bluebird satellite network will support commercial and government telecommunications applications, enabling users to remain connected as their devices transition between terrestrial cellular networks and space-based coverage.
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