Market Slump Drags Down Share Prices of Terawulf Inc. (WULF)

We recently published an article titled Market Slump Drags Down Share Prices of These 15 Companies. 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 ended this week’s trading on a bloodbath following an overall market selloff as investors shifted their capital into assets offering higher returns.

This article will delve into the factors behind the downturn and explore why each company was particularly affected.

To come up with Friday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

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Terawulf Inc. (NASDAQ:WULF)

Terawulf Inc.’s (WULF) share price on Friday declined by 9.05 percent to finish at $5.53 apiece as investors remained in a wait-and-see mode following 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 it would lease over 70 megawatts of data center infrastructure to AI and cloud provider Core42 to expand its artificial intelligence revenue as it struggles with the rising Bitcoin mining costs.

“The data center leases reflect TeraWulf’s strategic extension into AI-driven computing, complementing its profitable Bitcoin mining operations,” TeraWulf said.

Investors gave a lukewarm reception to the recent move, as reflected in the recent decline in its share price.

Overall WULF ranks 4th on our list of the stocks that were recently dragged down by market slump. 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.