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. 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. 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 exclusive rights to build another 1.3 GW, suggesting further upside potential for the stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

This article is originally published at Insider Monkey.