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.
8. Cipher Mining Inc. (NASDAQ:CIFR)
Cipher Mining extended its rally to a 6th straight day on Wednesday to reach a new record high as investor sentiment continued to be boosted by AI prospects and higher Bitcoin production last month.
In an updated report, Cipher Mining Inc. (NASDAQ:CIFR) said it was able to produce 251 Bitcoins in September, marking an increase of 10 units from 241 in August, thanks to a higher self-operating hash rate of 23.6 EH/s versus 23 EH/s in the same comparable period.
It also notably sold 158 Bitcoins during the period, versus 42 units in August, taking advantage of the surge in Bitcoin prices.
Just recently, Cipher Mining Inc. (NASDAQ:CIFR) completed its Black Pearl mining facility in Texas, which is expected to support its high-performance computing (HPC) operations for AI firms and its own Bitcoin production.
Late last month, Cipher Mining Inc. (NASDAQ:CIFR) clinched a 10-year HPC hosting deal with Fluidstack, a premier AI cloud platform that builds and operates HPC clusters for some of the world’s largest companies, for the delivery of 168 MW of critical IT load, supported by 244 MW of gross capacity.
The agreement is expected to deliver the company $3 billion in revenues, with the potential to increase to $7 billion if Fluidstack exercises its option to extend the lease agreement. The deal received a $1.4 billion financial backstop from technology giant Google.
7. WeRide Inc. (NASDAQ:WRD)
WeRide saw its share prices grow by 12.04 percent to close at $12.38 apiece as investors snapped up positions in robotaxi companies amid overall optimism for the industry, supported by its recent expansion in the UAE.
WeRide Inc. (NASDAQ:WRD) rallied alongside its counterparts, such as Pony AI and Mobileye Global, supported by growing optimism for autonomous driving on the back of government polices and increased adoption of the sector in various countries globally.
For its part, WeRide Inc. (NASDAQ:WRD) just last week announced its expansion plans into its third city in the UAE with the pilot test of its Robotaxi GXR and Robobus in Ras Al Khaimah.
In partnership with the Ras Al Khaimah Transport Authority (RAKTA), WeRide Inc. (NASDAQ:WRD) expects to kick off commercial operations in early 2026, during which services will be supported by a safety officer on board and slowly transition to fully driverless operations upon regulatory approval.
According to WeRide Inc. (NASDAQ:WRD), it is the first and only autonomous vehicle company with active operations in Ras Al Khaimah, pioneering advanced mobility in the said area.
6. Ivanhoe Electric Inc. (NYSEAmerican:IE)
Ivanhoe rallied for a second day on Wednesday to hit a new 52-week high as investors cheered a 57-percent increase in copper production during the third quarter, which solidified its full-year targets.
At intra-day trading, Ivanhoe Electric Inc. (NYSEAmerican:IE) soared to its highest price of $14.57 before paring gains marginally to end the day up by 12.63 percent at $14.45 apiece.
In an updated report, Ivanhoe Electric Inc. (NYSEAmerican:IE) said it was able to mine 71,226 tons of copper from July to September, bringing its year-to-date production to 316,393 tons. The figures reaffirmed its earlier guidance of 370,000 to 420,000 tons this year, with mining of higher-grade areas from its Kakula Mine expected to begin next month.
“This quarter should mark a turning point in operations, as we anticipate higher grades from Kakula’s western side from next month, with selective mining of the existing workings on the eastern side of Kakula planned from Q1 2026. We’re also on the cusp of starting operations at Africa’s largest and greenest, direct-to-blister copper smelter, which is expected to drive lower cash costs as we complete its ramp-up,” said Ivanhoe Electric Inc. (NYSEAmerican:IE) founder and co-Chairman Robert Friedland.
“In addition, we are extremely excited for imminent first production at the Platreef Mine, which is on schedule for later this month. Given rising prices and interest in platinum-group metals, we are bringing the world’s next great precious metals complex online at an exceptionally opportune moment. Platreef’s major endowment of nickel, copper, and gold makes it one of the lowest-cost and scalable producers of platinum, palladium, nickel, gold, rhodium, and copper on our planet, and we are already at work on a Phase 2 expansion that will propel Platreef into a Top 10 producer globally,” he noted.
5. StubHub Holdings, Inc. (NYSE:STUB)
StubHub extended its rally to a second day on Wednesday, jumping 13.53 percent to end at $19.72 apiece as investors reacted positively to its partnership with Booking.com to capture the growing trend of travelers attending live events.
Beginning this month, customers purchasing tickets from StubHub will now be able to search and book places to stay near event venues, add flights and car rentals for out-of-town trips, and discover and reserve local attractions, tours, and activities, following the integration of Booking.com on its platform.
StubHub Holdings, Inc. (NYSE:STUB) said that the partnership was aimed at capturing the “gig-tripping” market, or those traveling specifically to attend concerts, games, and cultural events.
Data from StubHub Holdings, Inc. (NYSE:STUB) showed that the number of international buyers to attend US events increased by 32 percent year-on-year, while US fans traveling to attend overseas events doubled during the same comparable period.
“Live events are driving global travel, and StubHub is leading that movement. With Booking.com, we are making it easier than ever for fans to go from buying a ticket to planning their entire trip—all in one place they already trust,” said StubHub Holdings, Inc. (NYSE:STUB) VP Shaun Stewart. “Whether it’s a big game, a sold-out concert, or a must-see Broadway show, our customers can now extend the experience beyond the ticket.”
4. Bitfarms Ltd. (NASDAQ:BITF)
Bitfarms rallied for a 5th consecutive day on Wednesday to climb to a new all-time high as investors poured funds into Bitcoin mining stocks amid their gradual transition to high-performance computing (HPC) services to support the growing demand from AI data centers.
Bitfarms Ltd. (NASDAQ:BITF) soared to its highest 52-week price of $4.04 before trimming gains marginally to end the day up 15.27 percent at $4 apiece, mirroring the rally of its counterparts, thanks to a flurry of dealmaking activities across the industry.
Optimism was supported by earlier announcements from Bitfarms Ltd. (NASDAQ:BITF) Chief Executive Officer Ben Gagnon that the company was planning to slowly convert its services to HPC and AI amid higher growth prospects from the industry.
“For us as a business, we are really focused on how to create long-term value for shareholders, and data centers trade at a roughly 20-30x multiple. So instead of investing all this money into energy infrastructure for Bitcoin mining, we can actually convert over those energy assets … to HPC and AI. We can hopefully unlock a big multiple expansion to 20-30x,” he said in an earlier interview with CNBC.
Bitfarms Ltd. (NASDAQ:BITF) currently owns 14 data centers in the US, Canada, and Paraguay, with a total power capacity of 421 megawatts.
3. Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX)
Recursion Pharmaceuticals jumped by 16.44 percent on Wednesday to close at $6.09 apiece as investors repositioned portfolios ahead of expected updates from an upcoming AI conference in Dubai.
Next Wednesday, October 15, Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) cofounder and CEO Chris Gibson is set to speak at an AI conference, where he is expected to tackle the company’s approach to generating data, automating experiments, and using AI and machine learning for its discoveries.
Investors will also closely watch out for cues on Recursion Pharmaceuticals, Inc.’s (NASDAQ:RXRX) expansion plans and business outlook over the next few years.
Just recently, Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) received a pessimistic comment from former hedge fund manager and Mad Money host, Jim Cramer, saying, it has done “absolutely nothing.”
“I need to see a proof of concept here. I absolutely know that NVIDIA’s in it, but …we need to see something good before I tell you I would put any money in it,” he said.
“We’re going to have to hold off. I gotta meet them face to face and see what’s going on,” he added.
2. Figma Inc. (NYSE:FIG)
Figma extended its winning streak to a 5th consecutive day on Wednesday, jumping 16.83 percent to close at $71.08 apiece as investor sentiment continued to be buoyed by its integration into ChatGPT.
Earlier this week, Figma Inc. (NYSE:FIG) earned a promotion from none other than OpenAI CEO Sam Altman, saying that its platform is now integrated into ChatGPT, allowing it to take over to respond and complete a relevant action.
“When someone’s using ChatGPT, you’ll be able to find an app by asking for it by name,” Altman said. “For example, you could sketch out a product flow for ChatGPT and then say, Figma, turn this sketch into a workable diagram. The Figma app will take over, respond, and complete the action.”
Additionally, Figma Inc. (NYSE:FIG) product manager Luke Zhang said in a blog post that the AI assistant could also suggest the application when relevant.
“Starting today, the Figma app in ChatGPT will be able to recommend and create AI-generated FigJam diagrams based on your conversation. Users can also upload files like photos, drawings, and PDFs to guide the output. That currently includes text-based flow charts, sequence diagrams, state diagrams, and Gantt charts, with more to come,” he noted.
1. Intellia Therapeutics, Inc. (NASDAQ:NTLA)
Intellia rallied to a new all-time high on Wednesday, as investors took path from two investment firms’ “buy” recommendations for its stock.
During the session, Intellia Therapeutics, Inc. (NASDAQ:NTLA) soared to an all-time high of $26.46 before paring gains to end the day just up by 19.72 percent at $24.47 apiece.
In a market note, Zacks Research upgraded its stock to a “buy” recommendation amid an upward trend in earnings estimates from Wall Street analysts.
“Rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company’s underlying business. And investors’ appreciation of this improving business trend should push the stock higher,” it said.
Meanwhile, Intellia Therapeutics, Inc. (NASDAQ:NTLA) also earned an “outperform” rating and a price target of $33 from JMP Securities, with the upgrade buoyed by a strengthened outlook for its hereditary angioedema (HAE) program.
According to the investment firm, the company’s drug candidate, Ionvo-Z, could capture a 19-percent market share and potentially translate to $2.8 billion market opportunity.
While we acknowledge the potential of NTLA to grow, 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 AI stock that is more promising than NTLA and that has 100x upside potential, check out our report about this cheapest AI stock.
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