10 Firms Mirror Wall Street Decline

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1. Bitdeer Technologies Group (NASDAQ:BTDR)

Shares of Bitdeer Technologies dived by 15.36 percent or $3.58 points to close at $19.7 apiece on Tuesday, with investor sentiment believed to be dragged by an overall market downturn.

Analysts said investors remained cautious over the company’s recent $1 billion fundraising program, particularly if it would result in a potential dilution in its valuations.

Bitdeer—a $4 billion heavyweight in Bitcoin mining and data center services—has signaled an aggressive growth plan over the next few years.

Despite the decline, analysts remained bullish on the company, with Roth MKM maintaining a buy rating for the company and increasing its price target to $29 citing progress in high-performance computing and Artificial Intelligence, and rapid traction of its SEALMINER platform.

While we acknowledge the potential of BTDR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than BTDR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.

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