Latest news with #Terawulf
Yahoo
7 hours ago
- Business
- Yahoo
Bitcoin Miner TeraWulf's Stock Surges as Google Ups Its Stake in the Company
Terawulf stock (NASDAQ: WULF) surged more than 12% Monday after the Bitcoin miner said it was expanding and that Google was upping its stake in the company. The Easton, Maryland-based firm said that Google will provide an incremental $1.4 billion backstop to support project-related debt financing, bringing its total stake to $3.2 billion. In exchange, Google will receive warrants to buy 32.5 million shares of the sustainable Bitcoin miner. The latest agreement increases the tech giant's pro forma equity stake to 14% from a previously announced 8% share. Terawulf will also build a new data center, dubbed CB-5, with help from AI cloud platform Fluidstack. Terawulf last week signed two 10-year computing deals with AI cloud provider Fluidstack to offer more than 200 megawatts of capacity at its Lake Mariner datacenter space. WULF was recently trading at $10.06 per share Monday morning Eastern Time, according to Yahoo Finance. Over the past week, the stock is up by nearly 86%. "By adding CB-5, we are not only increasing our contracted capacity with Fluidstack, but also further deepening our strategic alignment with Google as a critical financial partner in delivering the next generation of AI infrastructure," Terawulf CEO Paul Prager said in a statement. Terrawulf is a Bitcoin miner that also works in the AI space. Both crypto mining and the AI space use huge amounts of energy; when BTC's price falls and minting new digital coins isn't generating enough revenue, some miners have pivoted their infrastructure to address AI demand. Two firms, BitMine Immersion and Bit Digital have shifted their focus entirely to create Ethereum treasuries. Experts previously told Decrypt that the AI business isn't necessarily easy for Bitcoin miners to pivot because it requires different infrastructure and various adjustments in technology. Famed Short Seller Warns Strategy's $51M Bitcoin Buy Signals Weak Demand for Latest Offering Bitcoin's price was trading 2% lower Monday at $115,592 per coin. Last week, the leading cryptocurrency hit a new high of $124,128, according to digital asset data provider CoinGecko. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
8 hours ago
- Business
- Yahoo
Terawulf (WULF) Jumps 78.3% on Google Backing
We recently published . Terawulf Inc. (NASDAQ:WULF) is one of the last week's top performers. Terawulf soared by 78.3 percent week-on-week as investors loaded up positions after earning financial backing from Google for the delivery of critical IT load to a premier AI cloud platform. In a statement on Thursday, Terawulf Inc. (NASDAQ:WULF) said it entered into an agreement with Fluidstack for the delivery of 200 MW of critical IT load at its Lake Mariner data center campus in Western New York. The agreements represent approximately $3.7 billion in contracted revenue over the initial 10-year term, with an option for two five-year extensions, which, if exercised, would bring the total contract revenue to $8.7 billion. According to Terawulf Inc. (NASDAQ:WULF), it received a $1.8-billion fund backing from Google to support project-related debt financing for the Fluidstack project, in exchange for warrants covering 41 million WULF common shares or 8 percent pro-forma equity. The first phase of deployment will involve 40 MW of critical IT load and is expected to come online in the first half of 2026, with the remaining 160 MW targeted for completion by year-end. Image by Лечение Наркомании from Pixabay In addition to Google's backstop, Terawulf Inc. (NASDAQ:WULF) announced its intention to access the capital market, but did not elaborate on whether in the form of debt or share sale. While we acknowledge the potential of WULF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
2 days ago
- Business
- Miami Herald
Veteran trader highlights crypto miner after Google deal
TheStreet Pro's Stephen Guilfoyle knows what you're thinking. The veteran trader recently turned his attention to TeraWulf (WULF) , which saw its stock skyrocket on Aug. 14. Don't miss the move: Subscribe to TheStreet's free daily newsletter "Sarge, isn't Terawulf a cryptocurrency mining operation?" he wrote. "Yes, but that said, the firm is transitioning into something bigger and potentially far more consequential than that." Guilfoyle said TeraWulf has pivoted toward providing infrastructure to so-called hyperscalers, the large cloud service providers offering massive computing power and storage capacity, with a focus on AI-related workloads. "In short, the firm is likely trying to position itself as a competitor to CoreWeave (CRWV) ," he said, referring to the AI cloud-computing startup. Image source: East Bay Times via Getty Images Founded in 2021, TeraWulf said on its website that it provided "domestically produced bitcoin by using more than 90% zero carbon energy today." Guilfoyle, whose career dates back to the floor of the New York Stock Exchange in the 1980s, said Terawulf reached two 10-year agreements with AI cloud platform company Fluidstack to supply high-performance computing clusters to large cloud providers. Google parent Alphabet (GOOGL) has agreed to provide funding of $1.8 billion to help finance this project. In return, Alphabet received warrants to acquire roughly 41 million shares of TeraWulf that would amount to an 8% stake when exercised. More Experts Stocks & Markets Podcast: Sectors to Avoid With Jay WoodsTrader makes bold call with Boeing stock after defense workers strikeVeteran fund manager sends urgent 9-word message on stocks "These are truly a game changer for TeraWulf," Chief Financial Officer Patrick Fleury told analysts during the second-quarter earnings call. "The Fluid Stack lease and Google support agreement are carefully structured to enhance our credit profile and position us to scale quickly." TeraWulf's stock has surged 55.4% this year and skyrocketed 144% from this time in 2024. TeraWulf beat Wall Street's quarterly earnings expectations, with revenue increasing 34% year-over-year to $47.6 million. The company cited a higher average bitcoin price and expanded mining capacity, offset partly by expected headwinds from increased network difficulty and the April 2024 halving, where bitcoin reduced the block reward by 50%. "My target price is around $9.50," Guilfoyle said. "This is a trade, not an investment, and I expect to be flat the name by the closing bell should short-term traders take profits en masse on Friday." Clear Street analyst Brian Dobson raised the investment firm's price target on TeraWulf to $12 from $9 and affirmed a buy rating on the shares, according to The Fly. The colocation agreements with Fluidstack, supported by Google's $1.8 billion lease backstop and equity stake, and 80-year ground lease at the Cayuga site in New York, "materially enhance" TeraWulf's long-term growth profile, the analyst said. The firm upped its 2027 Ebitda estimate to reflect TeraWulf's expanding high performance computing portfolio. It sees potential upside to its outlook as it does not consider new business wins. Adding Fluidstack as a client, along with Google's commitment, "will create significant momentum and increase the likelihood of additional contract wins going forward," Dobson contended. Citizens JMP analyst Greg Miller raised the firm's price target on TeraWulf to $13 from $7 and maintained an outperform rating on the shares. Related: AI leader stuns Google with move that could reshape the internet TeraWulf reported solid Q2 results, underscoring progress in its strategic pivot toward high-performance computing hosting, the analyst said. The company is likely to exit mining by the next halving event, and it retains the flexibility to redeploy mining capacity toward HPC, aligning with customer demand trends, the firm says. Analysts have noted a shift from bitcoin mining to AI data centers, as both require huge amounts of electricity. A report by the International Energy Association said that electricity demand from data centers worldwide is set to more than double by 2030 to around 945 terawatt-hours, slightly more than the entire electricity consumption of Japan today. "Hyperscalers with generative AI needs are particularly interested in converting to bitcoin mining data centers due to the substantial power requirements and the urgency of deployment timelines," Prakash Vijayan, a senior analyst with Driehaus Capital Management, wrote in November. Vijayan said generative AI applications demand immense computational power and energy, often 10 times more than standard operations. "Bitcoin mining data centers are equipped with advanced cooling systems and have access to cheap, substantial energy sources," he said. "This presents an ideal solution for these needs." By repurposing existing bitcoin mining facilities, Vijayan said, hyperscalers can significantly reduce timelines and meet the growing demand for AI services more efficiently. "Given these trends, bitcoin miners are increasingly transitioning to AI data centers as a strategic move to diversify their revenue streams and leverage their existing infrastructure," he added. Related: The stock market is being led by a new group of winners The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
3 days ago
- Business
- Yahoo
Terawulf (WULF) Rockets After Google $1.8-Billion Backing
We recently published . Terawulf Inc. (NASDAQ:WULF) is one of the top performers on Thursday. Shares of Terawulf soared by as much as 60 percent on Thursday as investors cheered an $8.7-billion revenue opportunity backed by Google for the delivery of critical IT load to a premier AI cloud platform. In a statement on Thursday, Terawulf Inc. (NASDAQ:WULF) said it entered into an agreement with Fluidstack for the delivery of 200 MW of critical IT load at its Lake Mariner data center campus in Western New York. The agreements represent approximately $3.7 billion in contracted revenue over the initial 10-year term, with an option for two five-year extensions, which, if exercised, would bring the total contract revenue to $8.7 billion. According to Terawulf Inc. (NASDAQ:WULF), it received a $1.8-billion fund backing from Google to support project-related debt financing for the Fluidstack project, in exchange for warrants covering 41 million WULF common shares or 8 percent pro-forma equity. The first phase of deployment will involve 40 MW of critical IT load and is expected to come online in the first half of 2026, with the remaining 160 MW targeted for completion by year-end. In addition to Google's backstop, Terawulf Inc. (NASDAQ:WULF) announced its intention to access the capital market, but did not elaborate on whether in the form of debt or share sale. While we acknowledge the potential of WULF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
4 days ago
- Business
- CNBC
Terawulf CEO on Google investment: Building one of the largest data center campuses in the U.S.
Paul Prager, Terawulf co-founder and CEO, joins 'Power Lunch' to discuss Google's stake in Terawulf, what it means for the locality and much more.
