CleanSpark Inc. (NASDAQ:CLSK) is one of the 10 Stocks With Powerful Gains.
Shares of CleanSpark rallied for a second day on Tuesday, jumping 9.30 percent to close at $14.69 apiece, as investors took heart from an investment firm’s bullish call for its stock.
In a market note, CleanSpark Inc. (NASDAQ:CLSK) received a $24 price target from Bernstein, marking a 63 percent upside potential from its latest closing price. The stock was also rated outperform alongside its peers, namely IREN Ltd., Riot Platforms, and Core Scientific.
Photo from CleanSpark
According to Bernstein, the coverage reflected its highly optimistic outlook for Bitcoin mining companies, amid Google and Blackstone’s plan to establish a new AI cloud venture.
According to the Wall Street Journal, Google and Blackstone are planning to put up a joint AI cloud company, which would see the deployment of Google’s custom chip technology, with Blackstone shelling out $5 billion in equity and retaining a majority stake. Such a move is expected to bolster Bitcoin miners-turned-data centers, with the industry announcing more than $90 billion in AI-related contracts covering 3.7 gigawatts of capacity.
In other news, CleanSpark Inc. (NASDAQ:CLSK) announced the results of its earnings performance in the first quarter of the year, expanding its net loss by 172 percent to $378 million from $138.79 million in the same period last year. Revenues declined by 24.9 percent to $136.4 million from $181.7 million year-on-year.
While we acknowledge the potential of CLSK as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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