Why TeraWulf Inc. (WULF) Skyrocketed on Friday

We recently compiled a list of the Why These 10 Stocks Were Skyrocketing on Friday. In this article, we are going to take a look at where TeraWulf Inc. (NASDAQ:WULF) stands against the other stocks that were skyrocketing on Friday.

Wall Street saw a strong trading session on Friday, with all major indices finishing firmly in the green ahead of President-elect Donald Trump’s return to office.

The Dow edged higher by 0.78 percent, while the S&P rallied 1 percent. Nasdaq, for its part, jumped 1.51 percent.

Ten companies—predominantly Bitcoin miners—were among the day’s standout performers, posting significant gains amid growing optimism in the broader cryptocurrency market, thanks to Trump’s commitment to supporting the sector.

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

Why Terawulf Inc. (WULF) is Crashing?

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TeraWulf Inc. (NASDAQ:WULF)

TeraWulf Inc. (NASDAQ:WULF) saw its shares jump by 9.4 percent on Friday to close at $6.4 apiece, as investors gobbled up shares in the company ahead of the Trump administration’s return to office.

Trump, who was previously a cryptocurrency critic, made promises to bolster the cryptocurrency industry by releasing an executive order that will make cryptocurrency a national priority as soon as the first day of his new term.

According to reports, Trump could create a crypto advisory council he previously promised to give the industry a voice within his administration. A bitcoin stockpile is part of discussions about a possible executive order that would cover several areas of crypto policy.

Terawulf Inc (NASDAQ:WULF) develops, owns, and operates environmentally sustainable data center infrastructure specifically designed for Bitcoin mining and high-performance computing. Currently, Terawulf Inc (NASDAQ:WULF) generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power.

Overall WULF ranks 3rd on our list of the top-performing stocks from Friday’s session. 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.