TMC (TMC) Falls on Uncertainties from Deep-Sea Mining Talks
TMC dropped its share prices for a third straight day, losing 4.42 percent to close at $6.27 apiece as investors continued to unload positions amid uncertainties in the resumption of deep-sea mining talks.
This is after the International Seabed Authority (ISA) announced the revival of negotiations on the controversies surrounding deep-sea mining, following President Donald Trump's order last April to fast-track permits for deep-sea mining even beyond US waters, taking advantage of its non-membership in the organization.
Sentiment was further dampened by TMC, the metals company Inc.'s (NASDAQ:TMC) bypassing of the ISA after its immediate submission of its first offshore license application, despite being a Canadian company and with Canada being a member of the organization.
In recent news, TMC the metals company Inc. (NASDAQ:TMC) earned an 'outperform' rating from Wedbush and an $11 price target, a significant upgrade from its 'neutral' stance and $6 price target previously.
A tunneling machine underground, deep in the mine to extract the polymetallic nodules.
According to Wedbush, the upgrade was based on a stronger US government from President Donald Trump's executive order in April, 'Unleashing America's Offshore Critical Minerals and Resources,' which could allow TMC the metals company Inc. (NASDAQ:TMC) to bypass the UN-affiliated International Seabed Authority and ramp up production in the Clarion Clipperton Zone.
While we acknowledge the potential of TMC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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