5 Stocks Powering Portfolios by Double Digits

4. Hut 8 Corp. (NASDAQ:HUT)

Hut 8 soared by 37.3 percent week-on-week as investors loaded portfolios in technology stocks amid renewed optimism for the artificial intelligence sector, helped by the easing tensions in the Middle East.

Hut 8 Corp. (NASDAQ:HUT) rallied alongside its counterparts, as investors poured funds into companies tied to the US government’s priority industries, such as AI, rare earths, and semiconductors, among others.

Hut 8 Corp. (NASDAQ:HUT) is currently underway with the development of a $10 billion data center called River Bend with a designed 245 MW of power capacity.

Late last month, the company earned bullish coverage from Arete Research, issuing a “buy” recommendation and a $136 price target for the stock on optimism that Hut 8 Corp. (NASDAQ:HUT) would largely benefit from its River Bend facility.

In December last year, Hut 8 Corp. (NASDAQ:HUT) inked a 15-year leasing deal with Google, which has the potential to generate up to $17.7 billion in revenues if and when the latter exercises all its renewal options.

The base term covers 245 MW of IT capacity for Fluidstack for $7.7 billion. It also gives the latter the right of first offer for 1,000 MW of capacity in the campus’s future expansion.