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 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, 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. 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. 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. 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. said.
On Monday, Neugebauer said in a statement that he was removed as CEO “without cause” following his recommendation to sell Fermi Inc..
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. 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. 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.
5. NuScale Power Corp. (NYSE:SMR)
NuScale soared by 16.28 percent on Wednesday to close at $13.57 apiece, as investors positioned portfolios ahead of the results of its earnings performance for the first quarter of the year, with optimism supported by the continued strong demand for energy services.
In a notice to investors, NuScale Power Corp. (NYSE:SMR) said that it is scheduled to report its financial and operating highlights after market close on May 7, 2026. A conference call will be held to discuss the results.
Last quarter, the company reported revenues of $31.5 million, marking a decline of 15 percent from the $37 million in the same period in 2024, primarily due to a reduction in revenues recognized from the RoPower technology license agreement executed in 2024.
In other news, NuScale Power Corp. recently partnered with Ebara Elliott Energy for a research program aimed at demonstrating and field-testing a commercial-scale high-temperature steam compressor to integrate NuScale Power Modules with petrochemical plants needing process heat.
Under the program, the two parties will collaborate to support the development, manufacturing, and integration of critical turbomachinery and energy-conversion systems for petrochemical plants powered by NuScale Power Corp. technology.
4. Lightwave Logic Inc. (NASDAQ:LWLG)
Lightwave Logic climbed to a fresh all-time high on Wednesday, as investors snapped up shares in players riding the technology boom while mitigating risks from the uncertainties in the Middle East.
In intra-day trading, the stock soared to its highest price of $15.29 before trimming gains to end the session just up by 17.43 percent at $15.16 apiece.
The rally can be attributed to the continued optimism for companies riding the AI wave, while investor funds fled industries seen as vulnerable to the US-Iran war.
Lightwave Logic Inc. (NASDAQ:LWLG) is a technology firm leveraging electro-optic polymers to transmit data at higher speeds with less power for data centers, among others.
Last month, its high-speed modulator platform was made available as part of the GDSFactory process design kit, which GlobalFoundries uses for its silicon photonics manufacturing platform.
Lightwave Logic Inc. said that it partnered with GDSFactory for the integration of its polymer-based modulator technology into the GDSFactory PDK, enabling customers to incorporate high-speed electro-optic polymer modulators directly into their photonic integrated circuit designs for tape-out on GF’s silicon photonics platform.
The expanded PDK and integrated design flow support simulation, verification, and fabrication handoff within the GDSFactory environment, providing a manufacturable pathway from design to foundry execution.
3. Navitas Semiconductor Corp. (NASDAQ:NVTS)
Navitas Semiconductor soared to a new all-time high on Wednesday, as investors loaded portfolios ahead of the results of its earnings performance in the first quarter of the year.
In intra-day trading, the stock climbed to its highest price of $18.67 before trimming gains to finish the session just up by 20.48 percent at $18.47 apiece.
According to the company, it is scheduled to release its financial and operating highlights after market close on May 5, 2026. A conference call will follow to elaborate on the results.
In its last earnings call, Navitas Semiconductor Corp. (NASDAQ:NVTS) said that it is targeting to hit revenues of $8 million to $8.5 million for the first quarter, a marked 39 to 43 percent decline from the $14 million registered in the same period last year.
Despite the decrease, investors remained confident about rosy prospects for the company, thanks to the continued surge in demand for semiconductors.
Investors are also expected to watch for its business outlook for the second quarter of the year.
In other news, Navitas Semiconductor Corp. recently welcomed ex-Broadcom executive, Gregory Fischer, to its board of directors. He is tasked to serve on the company’s compensation and executive steering committees.
Fischer formerly served as senior vice president and general manager for Broadcom, and held leadership roles at Conexant Systems Inc., Rockwell International Corporation, and Rockwell Collins Avionics Co. He is currently serving as an independent director for Semtech Corporation.
2. POET Technologies Inc. (NASDAQ:POET)
POET Technologies climbed to a decade high on Wednesday, as investors cheered news that it received orders from Marvell Technologies, and is awaiting for the responses from two other technology firms it has been courting to supply its products.
In intra-day trading, the stock surged to a record high of $12.95 before trimming gains to finish the session just up by 24.59 percent at $12.77 apiece.
According to a report by Stocktwits, POET Technologies Inc. (NASDAQ:POET) chief finance officer Thomas Mika confirmed that the company has officially secured orders from Marvell, which is expected to boost its orders for the year to more than $5 million.
Deliveries are targeted to begin in the third quarter of the year.
“We’ve got a purchase order from them that we’re gonna ship against and we intend to continue that relationship and build it over time,” Mika was quoted as saying. It did not divulge the total value of the order.
Meanwhile, POET Technologies Inc. said that it is likewise waiting for the responses from Foxconn and Luxshare for a potential supply deal.
“When you’re dealing with large companies that have committed to designing modules using your components, sometimes you hear from them, and sometimes you don’t,” Mika said. “We expect to hear back from at least one of those.”
1. Xanadu Quantum Technologies Ltd. (NASDAQ:XNDU)
Xanadu Quantum recouped three days of losses on Wednesday, climbing 51.75 percent to close at $34.75 apiece, as investors loaded portfolios in quantum computing companies after the sector earned the backing of Nvidia Corp.
Nearly a month after it debuted on the stock market, Xanadu Quantum Technologies Ltd. (NASDAQ:XNDU) has already seen its stock price surge by as much as 430 percent, having hit its highest price of $42.44 at intra-day trading on April 16.
This followed Nvidia’s announcement recently that it launched two new models aimed at solving the challenges of the quantum computing industry.
Called the Ising Calibration and Ising Decoding, Nvidia said that the two model domains can both target the fundamental challenges in quantum computing.
Ising Calibration is a vision-language model for automating QPU calibration tasks capable of understanding quantum computing scientific experiment output and how it compares to expected trends, while Ising Decoding consists of two 3D CNN models for demanding decoding needed during quantum error correction.
Investors took the development positively, sparking appetite for key players, including Xanadu Quantum Technologies Ltd., as it validated the increasing importance of the quantum sector after executives from technology giants earlier said that they deemed the industry useful only decades away.
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