Ten stocks boasted double-digit gains on Wednesday, with five hitting record highs, as investors took positioned portfolios in preparation for first-quarter earnings, with optimism supported by the easing tensions in the Middle East.
On Wall Street, the three major indices all finished in the green, led by the Nasdaq, increasing by 1.64 percent, followed by the S&P 500 jumping 1.05 percent, and the Dow Jones adding 0.69 percent.
Indices aside, this article spotlights the 10 best-performing stocks on Wednesday, alongside the reasons behind their strong performance.
To come up with the list, we focused on the stocks with a $2 billion market capitalization and 5 million shares in trading volume.
The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels
10. Arm Holdings PLC (NASDAQ:ARM)
Arm Holdings climbed to a new all-time high on Wednesday following a five-day run, as investors positioned portfolios ahead of the results of its earnings performance for the fourth quarter of fiscal year 2026.
In intra-day trading, the stock surged to its highest price of $196.66 before trimming gains to end the session just up by 12.01 percent at $196.57 apiece, with optimism bolstered by the booming demand for semiconductors amid the increasing needs of the artificial intelligence sector.
In a notice to investors, Arm Holdings PLC (NASDAQ:ARM) said that it is scheduled to report the financial and operating highlights after market close on Wednesday, May 6. A conference call will be held to discuss the results.
For the period, the company is targeting a revenue growth of 18.45 percent to $1.47 billion, plus or minus $50 million, versus the $1.24 billion in the same period last year.
Meanwhile, non-GAAP fully diluted earnings per share are pegged at $0.58, plus or minus $0.04, or an implied growth of 5.45 percent from the $0.55 year-on-year.
Late last month, Arm Holdings PLC (NASDAQ:ARM) partnered with Monash University in Malaysia for the development of the future AI workforce.
The collaboration aims to deepen industry-academic engagement and support the development of the semiconductor workforce as demand for advanced computing talent grows in the region.
According to Arm Holdings PLC (NASDAQ:ARM), it will donate integrated circuit design development boards to the university’s School of Engineering to help enable students to gain hands-on experience building on its architectures and modern system design technologies.
9. Oklo Inc. (NYSE:OKLO)
Oklo surged by 15.65 percent on Wednesday to finish at $72.41 apiece, mirroring the broader market rally primarily boosted by the easing tensions in the Middle East.
Notably, investors are increasing positions in stocks riding the artificial intelligence wave, while fleeing sectors seen as vulnerable to the uncertainties in the US-Iran war.
The rally was also supported by the US government’s continued backing of the nuclear sector as it eyes ramping up energy expansion in the country to fill the growing demand.
Earlier this week, Oklo Inc. (NYSE:OKLO) earned a “hold” recommendation from investment firm UBS, alongside a price target of $60. The figure, however, was markedly lower by 20.68 percent than its closing price on Wednesday.
Apart from UBS, four other investment firms also issued a “hold” recommendation for its stock, while eight others turned more bullish, recommending investors to “buy” its shares.
In other news, Oklo Inc. (NYSE:OKLO) late last month said that its co-founder and Chief Executive Officer, Jacob DeWitte, was tapped by President Donald Trump to serve as one of his advisors at the President’s Council of Advisors on Science and Technology or PCAST. He would bring direct experience in advanced nuclear technology development for clean and reliable power.
DeWitte joins other executives in the PCAST, including Nvidia Corp.’s Jensen Huang, Oracle Corp.’s Larry Ellison, and Meta Platforms Inc.’s Mark Zuckerberg, among others.
8. Redwire Corp. (NYSE:RDW)
Redwire climbed by 15.71 percent on Wednesday to close at $11.93 apiece, as investor sentiment was primarily fueled by the surging needs for advanced military services amid the ongoing tensions globally.
The stock rallied alongside its counterparts, with optimism for the sector sparked primarily by the US-Israeli war on Iran, alongside Russia’s conflict with Ukraine.
Redwire Corp. (NYSE:RDW) is a US-based integrated defense and space technology company focused on the development of space infrastructure and components, and defense technology and avionics, among others.
Earlier this month, Redwire Corp. (NYSE:RDW) clinched a new $20 million follow-on order from the US Marine Corps for the supply of Stalker Block 30, an advanced navigation version of its uncrewed aircraft system or UAS. The order reflected its expanded collaboration with the Department of Defense.
Redwire Corp. (NYSE:RDW) said that the total order was on top of the 250 existing Stalker aircraft already fielded by the Marine Corps.
“Advanced Navigation is critical for long-range reconnaissance missions where drones must operate in contested, GPS-denied environments over vast distances,” Redwire Defense Tech President Steve Adlich said.
“Our Stalker UAS has a 20-year legacy of combat-proven reliability, mission-driven performance, and adaptability. We are proud to support [Portfolio Acquisition Executive Robotic Autonomous Systems] as they modernize small UAS capabilities for the Marine Corps and strengthen readiness across key mission sets,” he noted.
7. Fermi Inc. (NASDAQ:FRMI)
Fermi snapped a three-day losing streak on Wednesday, surging 15.81 percent to finish at $5.86 apiece, as investors took heart from its upbeat outlook for its business despite recent leadership changes that saw the forceful removal of its chief executive officer, Tony Neugebauer.
In a statement on Tuesday, Fermi Inc. (NASDAQ:FRMI) told investors that it is currently reviewing all avenues to maximize shareholder value, including the execution of its business plans and strategic investments.
However, it underscored that it is not considering a sale at the moment as it currently enjoys the momentum of its 17-gigawatt hypergrid data center called Project Matador, thanks to the surging needs for energy services.
“The company firmly believes a sale is not in the best interest of its continued momentum on Project Matador, ability to serve potential tenants and long-term value creation for shareholders. The Board, consistent with its fiduciary duties, will carefully review all avenues to maximize shareholder value, which include continued execution of its business plan, strategic investments from third parties, joint ventures or other transactions,” Fermi Inc. (NASDAQ:FRMI) said.
On Monday, Neugebauer said in a statement that he was removed as CEO “without cause” following his recommendation to sell Fermi Inc. (NASDAQ:FRMI).
Despite his removal, he said that he stands ready to fully support the sale “to maximize shareholder value.”
6. AXT Inc. (NASDAQ:AXTI)
AXT climbed to a fresh all-time high on Wednesday, as investors continued to load portfolios ahead of its earnings outcome next week, with optimism supported by the surging demand for semiconductors.
In intra-day trading, the stock climbed to as high as $90.07 before trimming gains to end the session just up by 15.97 percent at $86.94 apiece.
AXT Inc. (NASDAQ:AXTI) is scheduled to announce the results of its earnings performance on April 30, 2026. A conference call will be held to elaborate on the results.
In other news, the company announced that it successfully raised $550 million in fresh funds from a follow-on offer, covering more than 8.56 million shares priced at $64.25 apiece.
In addition, AXT Inc. (NASDAQ:AXTI) granted its underwriters a 30-day option to purchase more than 1.28 million additional shares, which, if fully subscribed, would raise the total amount to $632.5 million.
Proceeds from the offer will be used to financially support its subsidiary, Beijing Tongmei Xtal Technology Co., Ltd. in its efforts to ramp up the production of indium phosphide substrates for export worldwide.
Meanwhile, AXT Inc. (NASDAQ:AXTI) said that the balance will be allocated for the research and development and improvement of products, as well as for working capital and other general corporate purposes.
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