Hut 8 (HUT) Soars 17% as Funds Flock to HPC

We recently published 10 Stocks Beating Wall Street’s Bets. Hut 8 Corp. (NASDAQ:HUT) is one of the best performers on Friday.

Hut 8 rallied for a second day on Friday, surging 17.27 percent to finish at $47.66 apiece as investors poured funds into high-performance computing (HPC) firms, boosted by Oracle Corp.’s massive $38 billion data center expansion.

Hut 8 Corp. (NASDAQ:HUT) rallied alongside its counterparts, namely IREN Ltd. and Cipher Mining Inc., as Oracle’s announcement strengthened investor optimism that infrastructure demand for the next-generation AI continues to be sustainable.

Hut 8 (HUT) Soars 17% as Funds Flock to HPC

In other news, Hut 8 Corp. (NASDAQ:HUT) recently earned a 124 percent price target increase from Piper Sandler to $74 versus $33 previously, on optimism for its ongoing development of 1.5 GW of power across four sites in the US.

Piper Sandler noted that the share price has yet to reflect Hut 8 Corp.’s (NASDAQ:HUT) exclusive rights to build another 1.3 GW, suggesting further upside potential for the stock.

While we acknowledge the risk and potential of HUT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HUT and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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