TeraWulf Inc. (NASDAQ:WULF) is one of the Double Digit Gains: 10 Stocks Soaring Like Crazy.

TeraWulf rose by 13.51 percent on Wednesday to end at $5.04 apiece, tracking the rally in Bitcoin prices as it tries to rest the $110,000 level.

During the session, TeraWulf Inc. (NASDAQ:WULF) rallied alongside its Bitcoin mining counterparts after the cryptocurrency traded higher to hit a new three-week high, with investors growing more optimistic about the widening adoption of digital assets.

Sentiment was further supported by an investment firm’s recent upgrade of its rating on TeraWulf Inc.’s (NASDAQ:WULF) stock.

Earlier last month, the Bitcoin miner earned a “buy” recommendation and a higher price target of $6 on its stock. The figure marked a 19-percent upside from its latest closing price.

According to Rosenblatt, the rating was based on expectations that the company will start earning revenues from its high-performance computing (HPC) hosting business, making it one of the few Bitcoin miners to secure HPC hosting deals.

Rosenblatt underscored TeraWulf Inc.’s (NASDAQ:WULF) “strong first tenant” and its expertise to execute as key reasons it was likely to attract more interest and grow its HPC in the short term.

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 best short-term AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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