Chariot Corporation (CC9:AU) has announced Convertible Note Financing of up to A$2.0 Million
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As the artificial intelligence (AI) market continues to grow, there are many AI stocks for investors to choose from on top exchanges like the NASDAQ, TSX and ASX.
AI technology has made strong inroads into several key industries, including logistics, manufacturing, finance, healthcare, customer service and cybersecurity.
The technology has been around for a long time, but this current wave of buzz comes after the release of OpenAI’s ChatGPT, a generative AI platform. This intelligent chatbot shows how quickly generative AI is advancing, and it has led to many other major tech firms entering the space with their own generative AI offerings or including AI technology into their innovative products.
On a global scale, Fortune Business Insights predicts that the AI industry will experience a compound annual growth rate of 29.2 percent between 2025 and 2032 to reach a market value of more than US$1.77 trillion.
American AI stocks
According to Tracxn Technologies, the number of US AI companies has more than doubled since 2017, with over 84,950 companies working in the sector today.
One of the major factors fueling growth in the American AI market, states Statista, is “the growing investments and partnerships among technology companies, research institutions, and governments.’
Below are three of the top US AI stocks by market cap. For more US AI stocks, check out our list of 12 generative AI stocks and 5 AI ETFs.
1. NVIDIA (NASDAQ:NVDA)
Company Profile
Market cap: US$2.89 trillion
Share price: US$118.53
The global leader in graphics processing unit (GPU) technology, NVIDIA is designing specialized chips used to train AI and machine-learning models for laptops, workstations, mobile devices, notebooks and PCs.
The company is partnering with a number of big-name tech firms to bring various key AI products to market.
Through its partnership with Dell Technologies (NYSE:DELL), NVIDIA is developing AI applications for enterprises, such as language-based services, speech recognition and cybersecurity.
The chipmaker has also been instrumental in the buildout of Meta Platforms’ (NASDAQ:META) AI supercomputer. Called the Research SuperCluster, it reportedly uses a total of 16,000 NVIDIA GPUs.
In early 2024, Taiwan Semiconductor Manufacturing Company (NYSE:TSM) and NVIDIA released the world’s first multi-die chip specifically designed for AI applications: the Blackwell GPU. Blackwell’s architecture allows for the increased processing power needed to train larger and more complex AI models.
At its March GTC 2025 conference, dubbed the AI Woodstock, NVIDIA CEO Jensen Huang made a series of important announcements including the Blackwell Ultra AI chip and its next-generation Vera Rubin platform.
2. Microsoft (NASDAQ:MSFT)
Company Profile
Market cap: US$2.88 trillion
Share price: US$386.84
Microsoft has committed billions to OpenAI, but the tech behemoth has also built its own AI solutions based on the chatbot creator’s technology: Bing AI and Copilot. OpenAI officially licensed its technologies to Microsoft in 2020.
In late May 2024, Microsoft unveiled its Copilot+ Windows PCs, its first range of AI-equipped PCs. According to the company, they are the “fastest, most intelligent Windows PCs ever built.”
After receiving criticism over security flaws, Microsoft announced in late September that it had made changes to the Copilot+ exclusive Recall software, which used AI to create screenshots of everything users do on their computers.
An update to Windows 11 in October 2024 included upgrades to the Copilot artificial intelligence platform capabilities, including the introduction of the ability to speak directly to the AI helper.
Microsoft’s moves into generative AI have translated into higher revenues for its Azure cloud computing business and a higher market capitalization — the tech giant pushed past the US$3 trillion mark in January 2024 and its managed to maintain that level up until the recent stock sell-off as a result of tariffs and trade wars by US President Donald Trump.
In January 2025, Microsoft announced an US$80 billion investment in US-based AI infrastructure, followed by the integration of AI tools into Microsoft 365.
3. Alphabet (NASDAQ:GOOGL)
Company Profile
Market cap: US$2.0 trillion
Share price: US$162.80
Alphabet holds court with both Microsoft and NVIDIA as part of the tech sector’s Magnificent 7, and its foray into AI has similarly brought the tech giant much success. The company has created the AI chatbot Gemini, formerly known as Bard, which is integrated into products such as its Google Suite, the Chromecast browser and the Google Pixel phone line.
Alphabet’s market cap surpassed the US$2 trillion mark in April 2024. That same month, Google introduced a custom AI chip designed for its cloud services customers. The technology uses British semiconductor company Arm Holding’s (NASDAQ:ARM) AI architecture. In the same week, Google revealed its new A3 Mega AI processor based on NVIDIA’s H100 Technology.
In September 2024, Google partnered with automaker Volkswagen (OTC Pink:VLKAF,ETR:VOW) to launch a smartphone-app-integrated AI assistant for Volkswagen drivers.
At the NVIDIA GTC 2025 conference, Alphabet and NVIDIA announced a series of AI-focused partnerships in the sectors of robotics, drug discovery and manufacturing.
Canadian AI stocks
Recognized as a world-leading AI research hub, Canada ranks eighth out of 83 countries in the Global AI Index. Since 2017, the Canadian government has invested hundreds of millions of dollars into accelerating the research and commercialization of AI technology in the country through the Pan-Canadian AI Strategy.
Research by IBM (NYSE:IBM) shows Canadian businesses are increasingly adopting AI, with 56 percent of IT professionals in large enterprises reporting that they plan to increase deployment the technology in their operations for 2025.
Below are three of the top Canadian AI stocks by market cap. For more Canadian AI stocks, take a look at our list of 5 small-cap Canadian AI stocks.
1. CGI (TSX:GIB.A)
Company Profile
Market cap: C$33.31 billion
Share price: C$141.32
Montreal-based CGI is among the world’s largest IT systems integration companies, and offers a wide range of services, from cloud migration and digital transformation to data analysis, fraud detection and even supply chain optimization. Its more than 700 clients span the retail, wholesale, consumer packaged goods and consumer services sectors worldwide.
Through a partnership with Google, CGI is leveraging the Google Cloud Platform to strengthen the capabilities of its CGI PulseAI solution, which can be integrated with existing applications and workflows.
CGI is aggressively working to expand its generative AI capabilities and client offerings. In early March 2024, the company launched Elements360 ARC-IBA, an AI powered platform for brokers and insurers to settle accounts in the UK broking industry. Later in September, CGI signed the EU’s Artificial Intelligence Act pledge to work for trustworthy and safe AI development.
The company’s AI-powered CGI DigiOps toolkit won the Association of Chartered Certified Accountants (ACCA) India Award 2024 for Excellence in Digital Transformation in February 2025. CGI DigiOps is used in several industries, including the energy and utilities, and retail sectors. “This award for digital transformation excellence is a testament to our commitment to delivering end-to-end AI-powered solutions to achieve meaningful outcomes for our clients,’ Rakesh Aerath, President, CGI Asia Pacific Global Delivery Centers of Excellence.
2. OpenText (TSX:OTEX)
Company Profile
Market cap: C$9.94 billion
Share price: C$37.79
Ontario-based OpenText is one of Canada’s largest software companies. The tech firm develops and sells enterprise information management software. Its portfolio includes hundreds of products in the areas of enterprise content management, digital process automation and security, plus AI and analytics tools.
OpenText serves small businesses, large enterprises and governments alike. Its AI & Analytics platform has an open architecture that enables integration with other AI services, including Google Cloud and Azure. It can leverage all types of data, including structured or unstructured data, big data and the internet of things to quickly create interactive visuals.
In January 2024, OpenText launched Cloud Editions 24.1, which includes enhancements to its OpenText Aviator portfolio.
OpenText has also been expanding its AI-powered cybersecurity offerings in recent years. In early 2025, the company launched OpenText Core Threat Detection and Response, which leverages AI-driven behavioral analytics to detect insider threats and cyberattacks.
3. Coveo Solutions (TSX:CVO)
Company Profile
Market cap: C$553.97 million
Share price: C$5.57
Headquartered in Québec City, Québec, Coveo Solutions is a software-as-a- service company that provides AI-powered relevance e-commerce and enterprise search software in Canada, the United States and internationally. Relevance in AI involves learning models that determine the relevance between search input data and the expected output.
The company’s Coveo AI-Relevance Platform is used in a broad range of industries, including high tech, healthcare, manufacturing, financial services, retail, and telecommunication. Coveo’s many strategic partners include Salesforce (NYSE:CRM), Adobe (NASDAQ:ADBE) and Shopify (TSX:SHOP,NYSE:SHOP).
In its fifth annual Commerce Relevance Report, Coveo found that 62 percent of 4,000 US and UK consumers surveyed responded that they are more likely to make purchases based on generative-AI-driven guidance. Drilling down on millennials, that figure rises to 68 percent.
In February, Coveo reported its financials for its fiscal Q3 2025 ended December 31, 2024, including total revenues of US$34 million compared to US$31.8 million in its fiscal Q3 2024.
In March, Coveo announced the launch of three new offerings for its customers: Coveo for Agentforce, an expanded suite of Coveo APIs and the Coveo Agentic AI Design Partner Program.
Australian AI stocks
AI investment by Australian companies is projected to increase, according to BSI’s International AI Maturity Model, making the country the second best market in the world in terms of boosting AI capabilities. BSI reports that three-quarters of Australian business leaders responding to the firm’s survey expressed the belief that failing to invest in AI would place their organizations at a competitive disadvantage.
The biggest spenders when it comes to AI in Australia are the banking industry, the federal government, professional services and retail.
Below are three of the top Australian AI stocks by market cap. For more ASX AI shares, check out our list of the 5 biggest ASX AI stocks.
1. NextDC (ASX:NXT)
Company Profile
Market cap: AU$8.23 billion
Share price: AU$22.93
NEXTDC is Australia’s leading data center operator, with facilities currently operational or under development throughout Australia. The company also has data centers under development in New Zealand, Malaysia and Japan. The company is the 2024 recipient of the Australian Data Centre Service Company of the Year award.
NEXTDC’s clients include some of the world’s largest cloud providers, such as Amazon (NASDAQ:AMZN) Web Services, Microsoft Azure, and Alphabet’s Google Cloud. The company has also obtained NVIDIA’s DGX-Ready Data Centre Program certification, enabling it to optimize NVIDIA’s AI platforms and power advanced AI data centers in Australia.
In its financial report for its fiscal H1 2025 ended December 31, 2024, the company reported total revenue of AU$205.5 million, a slight decrease of 2 percent from the same period in the year prior. However, its net revenue was up 13 percent to AU$167.8 million.
2. Nuix (ASX:NXL)
Company Profile
Market cap: AU$1.06 billion
Share price: AU$3.39
Sydney-based Nuix is a leading provider of data processing, investigative analytics and intelligence software. Its client base includes legal, compliance, forensic investigations, cybersecurity and data governance sectors.
The company’s patented Nuix Neo technology uses advanced deep learning techniques to better train AI models for more efficient, scalable and cost-effective document classification. Launched in July 2023, Nuix Neo is accessed through a browser-based, collaborative interface, and includes end-to-end automation, investigative analytics and AI-enabled workflows.
In its H1 fiscal year 2025 financials, Nuix reported that annualized contract value for Nuix Neo grew to AU$18.9 million, an increase of 361 percent compared to the prior corresponding period, as its customers grew from 8 to 46 over the same period.
3. BrainChip (ASX:BRN)
Company Profile
Market cap: AU$450.91 million
Share price: AU$0.22
BrainChip is an advanced Edge AI on-chip processing and machine learning hardware company. Its main product is the Akida digital neuromorphic chip, which is built with a spiking neural network that mimics the way messages are passed between neurons in the human brain.
A significant feature of Akida’s technology is that it doesn’t need to be connected to the cloud or other networks to learn, enhancing security.
In December 2024, Brainchip announced it had licensed the Akida IP to Frontgrade Gaisler, a leading provider of radiation-hardened microprocessors for space applications. The following month, the company introduced an ecosystem of partnerships developing around its Akida Edge AI Box, which the company describes as “a compact, cost-effective appliance with AI/ML processing power for a wide variety of markets such as manufacturing, warehouse, retail, hospitals, energy, automotive, and aviation.”
At the end of February 2025, Brainchip shared it was formally investigating redomiciling in the US following a strategic review by its Board. If it decides to go forward with the move, the company would pursue listing on a US stock exchange, and de-list from the ASX and OTCQX.
FAQs for AI stocks
Which company is leading the AI race?
Google and Microsoft are battling it out for king of the AI hill. While Goldman Sachs sees Alphabet’s Google as leading the AI race, other analysts are pointing to Microsoft as the clear frontrunner. Microsoft stands to benefit in a big way from its billions of dollars investment in OpenAI’s ChatGPT as advancements in generative AI may have the potential to increase the company’s revenues for its Azure cloud computing business.
Which country is doing best in AI?
North America is the global hotspot for advancements in AI technology and is home to the majority of the world’s largest AI providers. Techopedia positions the US as the primary hub for AI development, and many of the world’s leading tech giants are headquartered there. According to the report, China comes in a close second.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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Inca Minerals (ICG:AU) has announced Inca Declares Takeover Offer for Stunalara Unconditional
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Keith Weiner, founder and CEO of Monetary Metals, shares his outlook for gold in 2025.
While he’s been bearish in the past and doesn’t consider himself a cheerleader, Weiner believes currently a ‘buy the dips’ market for the yellow metal.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Resource companies Mkango Resources (TSXV:MKA,OTC Pink:MKNGF) and Euro Manganese (TSXV:EMN,ASX:EMN,OTCQB:EUMNF) received boosts this week when their respective assets were designated ‘strategic projects’ under the EU’s Critical Raw Materials Act (CRMA).
On Monday (March 24), the European Commission released a list of 47 strategic critical raw materials projects. Located across 13 EU member states, they cover one or more segments of the raw material value chain.
They also account for 14 of the 17 strategic raw materials included in the CRMA.
Among them are Mkango’s Pulawy project, which has been recognized for its role in supplying rare earth oxides, and Euro Manganese’s Chvaletice project, a contributor to the European battery materials supply chain.
Mkango Resources’ Pulawy rare earths separation project
Mkango’s Pulawy project is expected to play a role in establishing a secure European supply chain for neodymium, praseodymium, dysprosium and terbium, which are used to make electric vehicles and wind turbines.
On February 17, the company signed a land lease agreement through its Polish subsidiary, Mkango Polska, in collaboration with Grupa Azoty Puławy. It facilitates the construction of a rare earths separation facility in Puławy, Poland.
The proposed facility aims to produce 2,000 metric tons per year of neodymium and praseodymium oxides, plus 50 metric tons per year of dysprosium and terbium oxides. Lanthanum cerium carbonate will also be produced at the site.
With strategic project status, Pulawy will benefit from expedited permitting processes under the CRMA, ensuring that Poland’s regulatory authorities adhere to a maximum 15 month timeline for processing and refining projects.
The project will also gain access to coordinated support from the European Commission, member states and financial institutions, facilitating financing opportunities and connections with potential offtakers.
Aside from its work at Pulawy, Mkango is focused on developing sustainable sources of rare earth elements, as well as leading in recycled rare earth magnet production through its subsidiary, Maginito.
Maginito holds an interest in HyProMag, which focuses on rare earth magnet recycling in the UK and Germany, and Mkango Rare Earths UK, which specializes in long-loop rare earth magnet recycling.
Euro Manganese’s Chvaletice manganese project
Euro Manganese’s Chvaletice manganese project, located in the Czech Republic, aims to become a major supplier of high-purity manganese for the European battery industry. The CRMA lists high-purity manganese as a strategic raw material, essential for electric vehicle batteries and the broader clean energy transition.
The Chvaletice project stands out as a waste-to-value initiative, focused on reprocessing old mine tailings rather than developing a new mine. The project represents the only sizable manganese resource within the EU, positioning Euro Manganese as a key player in the region’s battery materials supply chain.
With strategic project designation, Chvaletice will benefit from streamlined permitting processes and access to financial support from institutions such as the European Investment Bank and the European Bank for Reconstruction and Development. It will also be eligible for funding from the European Development Fund and Cohesion Fund.
The Czech government has recognized the Chvaletice manganese deposit as a strategic resource, reinforcing the project’s importance in ensuring Europe’s supply independence. In March 2024, the asset received environmental and social impact assessment approval from the Czech Ministry of Environment. In January of this year, Euro Manganese secured a determination of mining lease permit, marking a key milestone in the project’s permitting process.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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The lithium market continued to battle headwinds during the first quarter of 2025 as residual oversupply weighed on prices, pushing them to a four year low.
Weaker-than-expected demand to start the year also added pressure to the oversupplied market, resulting in the lithium carbonate CIF North Asia price to fall below US$9,550 per metric ton, its lowest point since 2021.
Analysts have suggested the persistent downturn is the signaling of a market bottom. This theory is further supported by a projected production reduction that will help absorb market oversupply.
“Lithium market conditions — particularly during the latter part of 2024 – led to growing producer restraint, both in China and elsewhere,” wrote Fastmarkets’ head of battery raw material analytics Paul Lusty. “Australian production cuts started in January 2024 but built momentum during the year, with several miners announcing production cuts, plans to place plants on care and maintenance and the suspension of planned expansions owing to market conditions.”
The global commodities firm is forecasting a shift in market dynamics, with analysts projecting a much tighter balance ahead. Initial estimates peg 2025’s surplus at 10,000 metric tons before the market moves into a deficit position in 2026.
How are Canadian lithium stocks performing against this backdrop?
This list was created on March 25, 2025, using TradingView’s stock screener, and all data was current at that time. Only companies with market caps above C$10 million for the TSX and TSXV and above C$5 million for the CSE are included.
1. Power Metals (TSXV:PWM)
Company Profile
Year-to-date gain: 163.04 percent
Market cap: C$196.57 million
Share price: C$1.21
Exploration company Power Metals holds a portfolio of diversified assets in Ontario and Québec, Canada. The company’s flagship Case Lake project in Ontario hosts spodumene-bearing lithium-cesium-tantalum pegmatites.
In November 2024, Power Metals identified a new pegmatite zone at Case Lake through soil sampling. The samples from the zone, located north-northwest of its West Joe prospect, revealed elevated levels of cesium, tantalum, lithium and rubidium, which the company said ‘affirmed prospective drill targets’ for its winter program.
On February 10, Power Metals announced the beginning of work associated with the maiden mineral resource estimate and preliminary economic assessment for Case Lake, which it plans to release in Q1 and Q2 of 2025 respectively. Days later on February 14, the company followed that announcement by releasing the final assays from its Phase 3 drilling at Case Lake, including “exceptional cesium oxide and tantalum intercepts” from the West Joe prospect.
The company’s share price rose in the weeks following the pair of announcements to reach a Q1 high of C$1.46 on February 25.
2. NOA Lithium Brines (TSXV:NOAL)
Company Profile
Year-to-date gain: 41.18 percent
Market cap: C$46.99 million
Share price: C$0.36
NOA is a lithium exploration and development company with three projects in Argentina’s Lithium Triangle region. The company’s flagship Rio Grande project and prospective Arizaro and Salinas Grandes land packages total more than 140,000 hectares.
In late January, NOA reported its completion of 28 vertical electrical sounding geophysics tests at the Rio Grande project as part of its 2025 exploration program.
The recent testing expands on past studies and will aid NOA’s water exploration program, refining one of three identified potential water sources.
In a subsequent corporate update on February 7, NOA outlined its plans for Q1 2025, which largely focused on the advancement of the Rio Grande project through geophysical evaluation and water exploration drilling. The company also plans to review engineering proposals for preliminary economic assessment work.
The company’s share price began climbing in early February and reached a Q1 high of C$0.37 on March 13.
The high came days after a Simply Wall Street report highlighted insider buying at the company, a signal of strong internal confidence. According to the report, NOA insiders invested C$862,600 over the prior six months, with C$358,000 of that coming in a single transaction by CEO and Director Gabriel Rubacha. Additionally, they had not sold any shares in the prior 12 months.
3. Frontier Lithium (TSXV:FL)
Company Profile
Year-to-date gain: 35.56 percent
Market cap: C$141.38 million
Share price: C$0.61
Pre-production mining company Frontier Lithium aims to be a strategic and integrated supplier of premium spodumene concentrates as well as battery-grade lithium salts in North America.
The Company’s flagship PAK lithium project, which is a joint venture with Mitsubishi (TSE:8058), holds the “largest land position and resource” in a premium lithium mineral district located in the Great Lakes region of Ontario, Canada. Frontier also owns the Spark deposit, located northwest of the PAK project.
Shares of Frontier Lithium reached a Q1 high of C$0.79 on March 4. After already trending upwards through February, its share price peaked alongside news that the Government of Canada and the Ontario Government supported the company’s plans to build a critical minerals refinery in Northern Ontario.
Once complete the proposed lithium conversion facility will process lithium from PAK into around 20,000 metric tons of lithium salts per year. “This expected capacity would support the production of batteries for approximately 500,000 electric vehicles per year,” Frontier’s statement reads.
4. Q2 Metals (TSXV:QTWO)
Company Profile
Year-to-date gain: 30.77 percent
Market cap: C$144.59 million
Share price: C$1.02
Exploration firm Q2 Metals is exploring three lithium properties — Cisco, Mia and Stellar — in the Eeyou Istchee James Bay region of Québec, Canada. Its Mia project hosts the Mia trend, which spans over 10 kilometers, and its Stellar lithium property comprises 77 claims 6 kilometers north of the Mia property.
In 2024, Q2 Metals acquired the Cisco lithium property and spent much of the year exploring the area. In December, Q2 acquired a 100 percent interest in 545 additional mineral claims, tripling its land position at the Cisco lithium property. A February 12 update reported that metallurgical testing on 2024 drill core showed that the primary lithium-bearing mineral in Cisco pegmatite is spodumene.
On February 26, Q2 announced that investors exercised 12.8 million share purchase warrants at C$0.60 each, generating C$7.68 million in proceeds for the company. The warrants were issued through a private placement in February 2023.
Shares of Q2 jumped to a Q1 high price of C$1.08 on March 18. The following day, later the company released some early results from its ongoing winter drill program, which is targeting 6,000 to 8,000 meters of drilling using two diamond drill rigs. The first four holes intersected “multiple wide intercepts of spodumene pegmatite, expanding previously identified mineralization.” The longest continuous interval of spodumene mineralization is 179.6 meters.
5. Wealth Minerals (TSXV:WML)
Company Profile
Year-to-date gain: 20 percent
Market cap: C$18.47 million
Share price: C$0.06
Lithium exploration company Wealth Minerals owns three exploration-stage projects — Kuska, Pabellón and Yapuckuta— all located in Chile.
On February 3, Wealth Minerals released its first news of the year, announcing it penned a joint venture development deal with the Quechua Indigenous Community of Ollagüe for the development of the Kuska project.
Under the deal the Quechua community will hold a 5 percent free-carried interest and a board seat in the JV, ensuring community participation. The partnership may also explore additional projects in the region.
On February 6, Wealth Minerals acquired the Pabellón lithium project, consisting of a portfolio of 26 mineral exploration licenses with an area of 7,600 hectares located in Northern Chile near the Chile-Bolivia border. The project may serve as an additional source of material to Kuska.
The surface of Pabellón hosts South America’s only geothermal power plant, Cerro Pabellón, which is majority owned by electricity company ENEL (MIL:ENEL). Wealth Minerals stated it is considering installing a direct lithium extraction unit next to the plant.
The company’s share price spiked in mid-January, and touched a Q1 high of C$0.095 on January 31, February 7 and February 10.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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Here’s a quick recap of the crypto landscape for Wednesday (March 26) as of 9:00 p.m. UTC.
Bitcoin and Ethereum price update
Bitcoin (BTC) is currently trading at US$86,622.95, a 1.7 percent decrease over the past 24 hours. The day’s trading range has seen a low of US$85,862.55 and a high of US$87,812.64.
The crypto market is under pressure following an executive order from US President Donald Trump to issue “secondary tariffs” of 25 percent on countries that purchase oil from Venezuela.
Bitcoin performance, March 26, 2025.
Chart via TradingView.
Ethereum (ETH) is priced at US$2,002.36, a 3.6 percent decrease over 24 hours. The cryptocurrency reached an intraday low of US$1.985.69 and a high of US$2,058.49.
Altcoin price update
- Solana (SOL) is currently valued at US$137.76, down 5.2 percent over the past 24 hours. SOL experienced a low of US$136.39 and a high of US$144.21 on Wednesday.
- XRP is trading at US$2.38, reflecting a 3.3 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday low of US$2.36 and a high of US$2.45.
- Sui (SUI) is priced at US$2.58, showing a 4.6 percent increase over the past 24 hours. It achieved a daily low of US$2.52 and a high of US$2.64.
- Cardano (ADA) is trading at US$0.7285, reflecting a 2.7 percent decrease over the past 24 hours. Its lowest price on Wednesday was US$0.722, with a high of US$0.7632.
Crypto news to know
GameStop’s Bitcoin bet sparks meme stock rally
GameStop (NYSE:GME) shares surged close to 20 percent on Wednesday after the company announced plans to add Bitcoin to its treasury reserve assets, mirroring Michael Saylor’s Strategy (NASDAQ:MSTR). The move comes as GameStop struggles with declining brick-and-mortar sales, having pivoted toward e-commerce under CEO Ryan Cohen.
Speculation around the retailer’s crypto ambitions grew after Cohen was seen with Saylor on social media last month. Analysts warn that GameStop’s exposure to Bitcoin could introduce more volatility to its stock.
The company, however, has been aggressive in cutting costs, doubling its fourth quarter net income to US$131.3 million despite a 30 percent revenue drop.
Microsoft declines after data center news
Shares of crypto miners and Microsoft (NASDAQ:MSFT) closed down after TD Cowen alleged that the tech conglomerate has abandoned plans for new data centers in the US and Europe.
Share prices for Bitcoin miners, including Bitfarms (NASDAQ:BITF), CleanSpark (NASDAQ:CLSK), Core Scientific (NASDAQ:CORZ), Hut 8 (NASDAQ:HUT) and Riot Platforms (NASDAQ:RIOT), dropped between 4 and 12 percent. Microsoft closed down 1.31 percent, while daily losses for the miners fell between 7 and 12 percent.
According to Bloomberg, Google (NASDAQ:GOOGL) and Meta Platforms (NASDAQ:META) have picked up some of the leases Microsoft has allegedly canceled or deferred over the last six months, although neither company has confirmed. In a statement from Microsoft obtained by the publication, the company said “significant investments” have left it “well positioned to meet (its) current and increasing customer demand.”
“While we may strategically pace or adjust our infrastructure in some areas, we will continue to grow strongly in all regions,” the spokesperson said. “This allows us to invest and allocate resources to growth areas for our future.”
Ethereum’s Pectra upgrade launches on testnet
Ethereum’s Pectra upgrade launched on the Hoodi testnet on Wednesday after a series of technical issues delayed the mainnet launch, which was originally slated for sometime in March.
If the launch is successful, Pectra could hit the mainnet by April 25. The Pectra upgrade aims to improve Ethereum’s scalability, staking efficiency and developer capabilities.
USDC launches in Japan
Circle launched its stablecoin, USDC, in Japan on Wednesday. The launch was made possible through a strategic partnership with SBI Holdings (TSE:8473), a Japanese financial firm.
The launch comes after Circle and SBI received regulatory approval from Japan’s Financial Services Agency (FSA) earlier this month. The FSA’s green light paved the way for the companies to introduce USDC to the Japanese market, marking a significant step in the adoption of stablecoins in the country.
Following the regulatory approval, a launch date was announced on Monday (March 24).
At the time of this writing, USDC’s market capitalization was US$60.15 billion.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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Battery Age Minerals Ltd (ASX: BM8; “Battery Age” or “the Company”) is pleased to advise of its participation at the Ignite Investment Summit being held this week in Hong Kong.
BM8’s Chief Executive Officer, Mr Nigel Broomham, will be presenting the Company’s strategy for progressing its diversified & strategic portfolio of projects in Austria, Argentina and Canada today at 11.00am AWST. Attached is the presentation that Mr Broomham will be speaking to at the conference.
Investors can register to attend the conference at: weareignite.com/contact/#investor
Battery Age CEO Nigel Broomham commented:
‘Fresh from recent field visits to Austria and Argentina, and following positive advancements across our Bleiberg, El Aguila, and Falcon Lake projects, we look forward to presenting a number of updates and meaningful insights to a fantastic group of investors and stakeholders.”
Click here for the full ASX Release
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Inca Minerals (ICG:AU) has announced Stunalara Acceptances Pass 90%
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Jordan Roy-Byrne, CMT, MFTA, shares his outlook for gold and gold stocks.
The Daily Gold editor and publisher also touches on the outlook for silver and the US stock market.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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