David Moadel
6 min read
Quick Read
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TeraWulf fell 4% to $16.50, APLD dropped 3%, and IREN slid 2%, all on broad profit-taking after strong YTD gains with no new company catalysts.
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The Bitcoin mining ETF WGMI dropped 4% while QQQ fell just 0.4%, confirming the selloff is a group rotation, not broad tech weakness.
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Paul Meeks initiated TeraWulf with a Buy and $19 target, while a 20-year Anthropic deal worth $19 billion in contracted revenue remains fully intact.
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Shares of TeraWulf (NASDAQ:WULF) are down 4% to $16.50 in Thursday’s midday session, trimming a slice of what’s been a 43.6% year-to-date advance for the stock. The pullback is showing up across the miner-turned-AI-infrastructure cohort, and there’s no fresh company disclosure to pin it on.
Also lower, Applied Digital (NASDAQ:APLD) stock is down 3% to $26.22, and IREN (NASDAQ:IREN) stock is off by 2% to $44.28. The declines are broad enough across the group to point at positioning rather than a single-name story, and every name in the trio is still meaningfully higher on the year.
The CoinShares Bitcoin Mining and Digital Power ETF (NASDAQ:WGMI) is down 4%, sliding in line with its constituents. Meanwhile, the Invesco QQQ Trust (NASDAQ:QQQ) is off 0.84%, and this may be a contributing factor, but the weakness in the miners isn’t merely a broad NASDAQ 100 event. The read is a group rotation out, not a wide tech rout.
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Profit-Taking Reads Cleaner Than a Thesis Break
No company announcement, analyst action, or disclosure published Thursday accounts for the decline in any of the three names. The mining and digital power fund is falling by about as much as the names inside it, which frames the session as a group move rather than a company-specific event. Moreover, there’s no macro shock on the surface that would target crypto-adjacent equities specifically.
