Is Terawulf Inc. (WULF) the Biggest Loser of This Week?

We recently compiled a list of the 10 Biggest Losers of This Week. In this article, we are going to take a look at where Terawulf Inc. (NASDAQ:WULF) stands against the other stocks.

Wall Street’s main indices all finished in the green during a shortened trading session this week, yet 10 companies–mainly technology stocks– still booked significant losses in their valuations. Let’s take a look at the extent of each company’s losses and the potential factors that could have dampened investor sentiment.

To come up with the biggest losers this week, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.

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Terawulf Inc. (NASDAQ:WULF)

Terawulf (WULF) became the biggest loser in this week’s trading, booking a 23.28-percent decline at $6.23 apiece from the $8.12 at market open last Wednesday.

According to analysts, investors sold off on Terawulf’s shares following news that it was struggling to grapple with increasing Bitcoin mining costs.

The sharp decline followed growing concerns over rising Bitcoin mining costs, which have significantly impacted the company’s financial performance. In its recent filing, TeraWulf reported a loss of $0.06 per share in the third quarter of the year, worse than the expected loss of $0.03 per share.

On Monday, December 23, TeraWulf announced that AI and cloud provider Core42 would lease the infrastructure at its Lake Mariner facility in upstate New York. The announcement coincided with a 12 percent drop in TeraWulf’s share price, reflecting ongoing investor concerns.

Overall WULF ranks 1st on our list of the biggest losers of this week. While we acknowledge the potential of WULF 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 WULF but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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