Ten stocks defied a broader market pessimism on Wednesday, boasting surprising gains amid impressive corporate earnings and strong investor optimism, among others.

Meanwhile, only the Dow Jones finished in the green, inching up 0.04 percent. The S&P 500 and the tech-heavy Nasdaq dropped by 0.24 percent and 0.67 percent, respectively.

In this article, we focus on the 10 companies that led the market rally and break down the reasons behind their gains.

To compile the list, we focused exclusively on stocks with $2 billion in market capitalization and at least 5 million shares in trading volume.

10. H World Group Ltd. (NASDAQ:HTHT)

Shares of H World Group grew by 5.43 percent on Wednesday to close at $35.16 apiece as investors were impressed by its earnings performance and growth outlook for the current quarter.

In the second quarter, attributable net income increased by 45 percent to 1.5 billion yuan from 1.067 billion yuan in the same period last year, on the back of a strong performance from Legacy-Huazhu. Total revenues grew by 4 percent to 6.4 billion yuan from 6.148 billion yuan year-on-year, near the high-end guidance of 1 to 5 percent revenue growth target.

As of June 30, H World Group Ltd.’s (NASDAQ:HTHT) worldwide hotel network ended at 12,137 with rooms totaling 1.18 million. Of the total, 12,016 hotels were under Legacy-Huazhu.

Looking ahead, H World Group Ltd. (NASDAQ:HTHT) said it expects revenues in the third quarter of the year to grow by 2 to 6 percent.

9. Viking Therapeutics, Inc. (NASDAQ:VKTX)

Viking Therapeutics bounced back by 5.46 percent on Wednesday to finish at $25.69 apiece as investors resorted to early bargain-hunting to take advantage of its cheap valuations.

This followed the company’s 42-percent decline on Tuesday, dragged by results of its weight loss clinical trial that saw a huge dropout rate in the number of enrollees due to mild to moderate adverse effects, including nausea and vomiting.

In a statement, Viking Therapeutics, Inc. (NASDAQ:VKTX) said it registered a 28-percent dropout rate in the overall number of enrollees for the second phase of its VK2735 clinical study, sparking concerns about the drug’s tolerability.

In a call with analysts, Viking Therapeutics, Inc. (NASDAQ:VKTX) CEO Brian Lian said that GI-related adverse event rates might be further reduced through lower starting doses and or slower dose escalation.

He added that the company was looking to explore it further in an upcoming maintenance dosing study.

Following the results, Viking Therapeutics, Inc. (NASDAQ:VKTX) earned a “sell” recommendation from Zacks Research.

8. IREN Ltd. (NASDAQ:IREN)

IREN Ltd. grew its share prices by 5.5 percent on Wednesday to finish at $19.76 apiece as investors repositioned portfolios ahead of the release of its earnings performance for the full fiscal period of 2025.

According to the company, it is scheduled to report its financial and operating highlights after market close on August 28, a Thursday, alongside an investor call to elaborate on the results.

Among the highlights to be watched out for include its outlook for the next fiscal period, having achieved its operating hash rate target of 50 EH/s in June this year which was expected to help bolster revenues from Bitcoin mining moving forward.

In a statement earlier, IREN Ltd. (NASDAQ:IREN) said a 50 EH/s operating hash rate could help generate some $830 million in annualized hardware profit.

Last month, IREN Ltd. (NASDAQ:IREN) announced a higher Bitcoin production of 728 units that successfully raked in $83.6 million in revenues. The total figure marked a 27.6 percent increase from the $65.5 million in revenues from 620 Bitcoins mined in June.

Additionally, IREN Ltd. (NASDAQ:IREN) benefitted from an 8.66-percent higher Bitcoin price last month, at t $114,891 versus the $105,730 in June.

7. Bullish (NYSE:BLSH)

Newly listed cryptocurrency exchange Bullish snapped a three-day losing streak on Wednesday, adding 5.68 percent to close at $62.89 apiece as investors mirrored an investment firm’s acquisition of a significant stake in the company.

In a disclosure, Cathie Wood’s Ark Invest said it acquired $21.2 million worth of additional shares in Bullish (NYSE:BLSH) on Tuesday, bringing its total ownership to $73.85 million. The transaction covered 356,346 new shares at a price of $59.51.

Bullish (NYSE:BLSH) joins the roster of publicly listed cryptocurrency exchange platforms, taking advantage of President Donald Trump’s favorable attitude towards the cryptocurrency industry.

Unlike most crypto exchanges, Bullish (NYSE:BLSH) primarily caters to institutional clients, offering spot trading, margin trading, and crypto derivatives, targeting the stable and recurring revenue stream that institutional investors provide.

The company was already up by 70 percent from its IPO price of $37, and touched as high as 219 percent at $118.

6. TeraWulf Inc. (NASDAQ:WULF)

Terawulf rebounded by 5.69 percent on Wednesday to finish at $9.28 apiece as investor sentiment continued to be bolstered by long-term optimism after securing a multi-billion-dollar financial backing from Google for its expansion plans.

The company, however, tumbled the previous day following company plans to raise $850 million through a convertible notes offering, which, if converted by noteholders, could result in the dilution of existing shares.

Long-term optimism, however, was fueled by Google’s $3.2-billion financial support to TeraWulf Inc. (NASDAQ:WULF) in exchange for warrants to acquire 32.5 million WULF common shares, or a 14-percent pro-forma equity.

Proceeds will be used for the expansion of its critical IT load to support Fluidstack’s data center expansion in Western New York. From the 200 MW initially signed, the two companies moved to ramp up the deal by another 160 MW, bringing the total IT load capacity to 360 MW.

“This expansion underscores the unmatched scale and capabilities of the Lake Mariner campus,” said Terawulf CEO Paul Prager.

“We are not only increasing our contracted capacity with Fluidstack, but also further deepening our strategic alignment with Google as a critical financial partner in delivering the next generation of AI infrastructure,” he added.

5. SharpLink Gaming, Inc. (NASDAQ:SBET)

SharpLink Gaming saw its share prices grow by 5.93 percent on Wednesday to end at $19.47 apiece following news that it successfully raised its Ethereum ownership to over $3 billion.

In an updated report, SharpLink Gaming, Inc. (NASDAQ:SBET) said it purchased another 143,593 ETH at an average price of $4,648 for a total of $667 million.

This followed the successful raising of $146.5 million in fresh funds from an at-the-market facility last week, while another $390 million was raised through a registered direct offering.

The new funds form part of the $1-billion fundraising program announced earlier this year for the acquisition of more Ethereum coins.

In other news, SharpLink Gaming, Inc. (NASDAQ:SBET) reported a dismal earnings performance in the second quarter of the year, as net loss from continuing operations skyrocketed by more than 11,100 percent to $103.37 million from only $917,000 in the same period last year, primarily due to higher operating losses.

Revenues also declined by 29 percent to $697,291 from $981,272 in the same comparable period.

4. Futu Holdings Limited (NASDAQ:FUTU)

Futu Holdings snapped a four-day losing streak on Wednesday, jumping 6.01 percent to close at $178.66 apiece as investors cheered the company’s stellar earnings performance in the second quarter of the year.

In an updated report, Futu Holdings Limited (NASDAQ:FUTU) said net income more than doubled to HK$2.57 billion from HK$1.21 billion in the same period last year. Revenues grew by 69 percent to HK$5.3 billion from HK$3.13 billion year-on-year, on the back of higher brokerage commission and handling charge income, as well as increased interest income.

In the first half, net income more than doubled to HK$4.7 billion from HK$2.24 billion, while revenues increased by 75 percent to HK$10 billion from HK$5.7 billion year-on-year.

“Trade policy-induced market volatility, coupled with a slate of high-profile IPOs, boosted retail sentiment in Hong Kong, which, for the third quarter in a row, contributed the highest number of new funded accounts across all markets. The US market also recorded solid growth. In the second quarter, we became the official sponsor of the New York Mets, further elevating our brand image in the US and beyond. We also launched crypto trading in most of the states in June, strengthening our value proposition as a one-stop trading platform,” said Futu Holdings Limited (NASDAQ:FUTU) Chairman and CEO Leaf Hua Li.

3. Analog Devices, Inc. (NASDAQ:ADI)

Analog Devices jumped by 6.26 percent on Wednesday to close at $244.87 apiece following an impressive earnings performance in the third quarter of fiscal year 2025.

In an updated report, Analog Devices, Inc. (NASDAQ:ADI) said net income increased by 32 percent to $518 million from $392 million in the same period last year. Revenues grew by 25 percent to $2.88 billion from $2.3 billion year-on-year.

For the nine-month period, net income jumped by 28 percent to $1.479 billion from $1.157 billion year-on-year, while revenues rose by 13 percent to $7.9 billion from $6.98 billion in the same comparable period.

For the fourth quarter of the fiscal year period, Analog Devices, Inc. (NASDAQ:ADI) said it expects to rake in $3 billion in revenues, plus or minus $100 million.

Lastly, its board of directors approved the distribution of $0.99 in cash dividends for each common share held as of September 2. The dividends are payable on September 16, 2025.

2. Figma, Inc. (NYSE:FIG)

Figma ended two days of losses on Wednesday, adding 6.67 percent to close at $74.04 apiece as investors took path from an investment firm’s bullish rating for its stock.

In a market note, investment firm Piper Sandler gave an “overweight” rating for Figma, Inc. (NYSE:FIG) shares with a price target of $85. The figure marked a 14.8-percent upside potential from its latest closing price.

According to Piper Sandler, the rating was based on the company’s “differentiated platform, attractive business model, and broad-based global reach into 450K+ customers.”

Additionally, it said that Figma, Inc. (NYSE:FIG) is in the early innings of unlocking opportunities from the booming artificial intelligence industry.

Piper Sandler expects Figma, Inc. (NYSE:FIG) to incur annualized recurring revenues of $3 billion by 2030, helped by new AI-powered features, broader international adoption, and plans to convert free users to paid subscribers.

1. Scholar Rock Holding Corp. (NASDAQ:SRRK)

Scholar Rock saw its share prices jump by 14.26 percent on Wednesday to close at $34.4 apiece as investors appeared to have hunted for bargains to take advantage of its cheap valuation.

Month-to-date, shares of the company were already down by 7.15 percent, while year-to-date, prices have already declined by 20.4 percent.

In the second quarter of the year, Scholar Rock Holding Corp. (NASDAQ:SRRK) saw its net loss widen by 89.6 percent to $110 million from $58 million in the same period last year. Operating expenses increased by 89.8 percent to $112 million from $59.5 million year-on-year.

In the first six months, net loss increased by 60 percent to $184.7 million from $115.36 million, while operating expenses grew by 60 percent to $189 million from $117.9 million.

While we acknowledge the potential of SRRK 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 SRRK and that has 100x upside potential, check out our report about this cheapest AI stock.

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