Here’s why the stock crashed on Wednesday

We recently published a list of 10 Tech, Energy Stocks Are Wednesday’s Worst Performers. In this article, we will take a look at where TeraWulf Inc. (NASDAQ:WULF) Faces Other Technology, Energy Stocks Wednesday’s Worst Performers

Ten technology and energy companies suffered a bloodbath on Wednesday, mainly due to profit-taking after the previous day’s gains and bearish comments about the progress in the development of quantum computers.

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

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

The shares in TeraWulf Inc. (NASDAQ:WULF) fell for a second day on Wednesday, losing 10.11 percent to end at $5.51 apiece, after the company was downgraded by analysts.

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

For the full year 2024, Aftahi increased its loss forecasts for TeraWulf (NASDAQ:WULF) 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 spending.

TeraWulf ( WULF ), a Bitcoin mining company, also fell in conjunction with Bitcoin prices, which fell 0.14 percent to $94,900 on Wednesday.

Overall WULF ranks 9 on our tech list, energy stocks are Wednesday’s worst performers. While we recognize the potential of WULF as an investment, our conviction lies in the belief that AI stocks hold greater promise to deliver higher returns and do so in a shorter time frame. If you’re looking for an AI stock that’s more promising than WULF but trades at less than 5 times its earnings, check out our report on cheapest AI stock.

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Disclosure: None. This article was originally published on Insider monkey.