Shares of TeraWulf Inc. (NASDAQ:WULF) are falling Friday after U.S. President Trump posted on social media that he was considering an increase in tariffs on Chinese products. This drop, which erases the gains from TeraWulf’s record high earlier in the day, is due to weakness in the market and broader crypto sector.
What To Know: TeraWulf reached an all-time high of $15.51 at market open, riding on a rising wave of positive sentiment about cryptocurrency. The stock lost its gains, which were from a price target raise and positive analyst note, after Trump’s social media post.
Trump posted on Truth Social saying that he was upset with the Chinese government for proposing export controls on rare earth materials and threatened to cancel an upcoming meeting he has with Chinese president Xi JinPing at the Asia-Pacific Economic Cooperation in South Korea. Trump said that his administration is considering a “massive increase of tariffs on Chinese products” in addition to other countermeasures.
Prior to the post, TeraWulf reached its record high after Bernstein analyst Gautam Chugani said cryptocurrency firms like TeraWulf are well-positioned to support growing interest in artificial intelligence, as these companies already secured large contracts for renewable energy supplies that are needed to power data centers. The sentiment of Chugani’s note underscored the importance and value of TeraWulf’s AI infrastructure partnership that involves Google, which was announced in August.
WULF Price Action: Shares of TeraWulf were down 0.72% at $13.49 at the time of publication on Friday, according to Benzinga Pro. The stock hit an all-time high of $15.51 earlier in the day.
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