Argan Inc. (AGX) stock soared 5.32% on Tuesday, as the energy service provider to data centers continues to benefit from the booming artificial intelligence (AI) industry. The company's expertise in providing power and engineering solutions to data centers has positioned it as a key player in the AI sector, where massive computational power and energy demands are required for AI workloads.
With the AI industry expected to continue its rapid growth, demand for Argan's services in supporting the infrastructure needs of data centers is likely to remain robust. This has fueled optimism among investors, driving the stock's impressive rally.
From a technical perspective, Argan's stock chart is also painting a bullish picture. The stock is currently forming a new cup base pattern, with a buy point of $165.33. This base formation, coupled with the stock's recent all-time high reached in late November, suggests potential for further upside as the company capitalizes on the AI boom.
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