10 Tech, Energy Stocks Are Wednesday’s Worst Performers

Ten technology and energy companies suffered a bloodbath on Wednesday, primarily due to profit-taking following the previous day’s gains and bearish comments surrounding the progress of quantum computing development.

In this article, we will look at the performance of some of the worst-performing companies and explore the factors behind their decline.

We considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume to come up with Wednesday’s top losers.

A close-up of a circuit board, its microchips creating a powerful computing system.

10. Plug Power Inc. (PLUG)

Plug Power (PLUG) dropped for a second day on Wednesday, losing 9.49 percent to close at $2.67 apiece as investor sentiment was dampened by reports that incoming president Donald Trump is set to be more aggressive in implementing tariffs on imports as soon as he enters office this month.

According to reports, Trump is considering declaring a national economic emergency in order to use import management powers granted to the president through the International Economic Emergency Powers Act.

Markets were already reeling from his promise to jack up tariffs as soon as he enters office in two weeks. Earlier, he signaled a 10-percent tax on global imports, 60 percent on Chinese goods, and a 25-percent surcharge on Canadian and Mexican products.

Plug Power (PLUG), headquartered in the United States, mostly sources its components manufactured outside of the country, and any imposition of additional tariffs could put further pressure on its profitability and financial performance.

9. Terawulf Inc. (WULF)

Shares of Terawulf (WULF) dropped for a second day on Wednesday, losing 10.11 percent to finish at $5.51 apiece after the company earned downgraded ratings from analysts.

In a recent development, Roth Capital analyst Darren Aftahi adjusted his earnings projections for the company for the fiscal year 2024 and the fourth quarter of 2025.

For the full-year 2024, Aftahi increased his loss projections for Terawulf to $0.17 per share from $0.09 previously, indicating a more cautious outlook for the company’s near-term profitability as it navigates market challenges and capital expenditures.

Terawulf (WULF), a Bitcoin mining firm, also dropped in conjunction with Bitcoin prices, which dipped by 0.14 percent on Wednesday to $94,900.