10 Stocks Facing Selling Pressure Ahead of Christmas

5. Hut 8 Corp. (NASDAQ:HUT)

Hut 8 fell for a second day on Monday, slashing 14.21 percent to close at $35.44 apiece as investors trimmed their positions following the decline in Bitcoin prices.

As of writing, Bitcoin was down by 2.27 percent at $86,168, with traders appearing to be taking early profits ahead of the Christmas holiday. Hut 8 Corp. (NASDAQ:HUT) declined alongside its peers, namely Terawulf, Cipher Mining, and CleanSpark, following the news.

Additionally, Hut 8 Corp. (NASDAQ:HUT) was dented by an overall pessimism for the AI sector after renewed concerns about heavy investments spent on AI. Oracle Corp., for instance, saw its debt balloon to $108 billion amid its ramped-up spending on artificial intelligence, sparking concerns among investors about how quickly the technology giants would be able to recoup their billion-dollar investments in AI.

Hut 8 Corp. (NASDAQ:HUT) is originally a Bitcoin mining company that has slowly transitioned to high-performance computing and data center servicing.

In the third quarter of the year, Hut 8 Corp. (NASDAQ:HUT) said attributable net income surged by more than 7,600 percent to $50.1 million from only $647,000 in the same period last year.

Revenues jumped by 91 percent to $83.5 million from $43.7 million year-on-year, on the back of strong revenues from high-performance computing (HPC), at $70 million, or 410 percent higher than the $13.7 million year-on-year.