TeraWulf (WULF) Hits New High as Renewed AI Optimism Spills Over to Stock

We recently published 10 Stocks With Eye-Popping Gains — 1 Surges 3,000%. TeraWulf Inc. (NASDAQ:WULF) is one of the top performers on Tuesday.

TeraWulf rallied for a third consecutive day on Tuesday to nearly touch its 52-week high, as investor optimism for a fellow high-performance computing (HPC) company spilled over to its stock.

On Tuesday, TeraWulf Inc. (NASDAQ:WULF) jumped by as high as 12 percent to $10.32—just 3.6 percent shy of its highest 52-week price of $10.71—before ending the day just up by 11.96 percent at $10.30 apiece.

TeraWulf (WULF) Hits New High as Renewed AI Optimism Spills Over to Stock

TeraWulf Inc. (NASDAQ:WULF) rallied alongside its counterparts, namely Riot Platforms, Hut 8, IREN Ltd., and Cipher Mining, mirroring Nebius Group, which announced on the same day an $18 billion cloud computing deal with Microsoft Corp.

TeraWulf Inc. (NASDAQ:WULF), a Bitcoin mining company that also engages in HPC, recently expanded a partnership with Google and Fluidstack for the supply of 360 MW of IT capacity to the latter.

In connection with the agreement, technology giant Google announced intentions to invest $3.2 billion in Terawulf Inc. (NASDAQ:WULF) to support the project, in exchange for warrants to acquire 32.5 million WULF common shares, or a 14-percent pro-forma equity.

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