Ten stocks skyrocketed on Wednesday, boasting double-digit gains amid the broader market’s lackluster performance, as investor funds continued to pour into individual companies largely benefitting from AI.
Of the 10 big names, six notably clocked new all-time highs.
Meanwhile, only the tech-heavy Nasdaq and the S&P 500 finished in the green territory during the session, gaining 1.12 percent and 0.58 percent, respectively. The Dow Jones, on the other hand, finished flat.
In this article, we spotlight the 10 best-performing mid-cap companies on Wednesday and detail the reasons behind their gains.
Photo by Tima Miroshnichenko on Pexels
To come up with the list, we focused exclusively on mid-cap stocks with at least $2 billion in market capitalization and 5 million shares in trading volume.
10. Advanced Micro Devices Inc. (NASDAQ:AMD)
Advanced Micro extended its winning streak to a third consecutive day on Wednesday, hitting a new all-time high, as investors gobbled up shares on expectations that it would become the largest rival to the largest AI enabler, Nvidia Corp.
In intra-day trading, Advanced Micro Devices Inc. (NASDAQ:AMD) soared to its highest 52-week record of $235.87 before trimming marginal gains to finish the day just up by 11.37 percent at $235.56 apiece. This followed news earlier this week that it secured a multi-year partnership with OpenAI—one of the pioneers in the industry—to supply 6 gigawatts of AMD GPUs and power its next-generation infrastructure over the next few years.
While the total amount of the partnership was not disclosed, Advanced Micro Devices Inc. (NASDAQ:AMD) announced targets of generating as much as “tens of billions of dollars” in revenues from the deal.
“Our partnership with OpenAI is expected to deliver tens of billions of dollars in revenue for AMD while accelerating OpenAI’s AI infrastructure buildout,” Advanced Micro Devices Inc. (NASDAQ:AMD) CFO Jean Hu said.
“This agreement creates significant strategic alignment and shareholder value for both AMD and OpenAI and is expected to be highly accretive to AMD’s non-GAAP earnings-per-share.”
9. Hecla Mining Company (NYSE:HL)
Hecla Mining jumped to a new record high on Wednesday, as investors loaded portfolios in mining firms following silver and gold’s rally to new highs.
During the session, Hecla Mining Company (NYSE:HL) hit an all-time high of $13.36 before finishing the day up 11.63 percent at $13.34 apiece.
Investor sentiment was buoyed by strengthened expectations of interest rate cuts that propelled silver and gold prices to new highs during the day. Silver was up by 3.2 percent to $49.39, after hitting a record high of $49.57, while gold cracked past the $4,000 level, up 1.7 percent to $4,050.
The Federal Reserve is set to convene in its next Federal Open Market Committee (FOMC) meeting on October 28 and 29, where investors expect another round of interest rate cuts.
Any rate cut move typically benefits mining firms such as Hecla Mining Company (NYSE:HL), as lower rates tend to weaken the US dollar, making buying precious metals such as silver and gold much cheaper for foreign buyers.
The last FOMC meeting this year is scheduled for December 9 and 10, where a final rate cut is also expected.
In other news, HSBC on Wednesday raised its average silver price forecast to $38.56 per ounce from $35.14 previously, helped by higher prices of gold and renewed investor demand.
For 2026, HSBC expects silver prices to $44.50 from $33.96 previously, and to $40 from $31.79 for 2027.
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