Ten stocks soared by double digits on Tuesday, outperforming Wall Street, as investors took heart from a flurry of corporate and industry developments, including acquisition deals.
Meanwhile, the three benchmark indices all finished in the green, with the Nasdaq soaring 3.83 percent, followed by the S&P 500 gaining 2.91 percent, and the Dow Jones jumping 2.49 percent.
In this article, we spotlight the 10 top-performing companies on Tuesday and detail the reasons behind their gains.
To come up with the list, we focused on the stocks with a $2 billion market capitalization and 5 million shares in trading volume.
Photo by Alesia Kozik on Pexels
10. SoundHound AI (NASDAQ:SOUN)
SoundHound AI rallied for a second day on Tuesday, jumping 13.93 percent to close at $6.87 apiece, as investors resorted to bargain-hunting following the previous day’s fall to a record low.
On the previous day, SoundHound AI (NASDAQ:SOUN) fell to a 52-week low of $5.83. However, Tuesday’s rally was supported by the wider market optimism, with Wall Street’s three main indices clocking 2 to 3 percent gains over renewed hopes for the end of the war in the Middle East.
In other news, SoundHound AI (NASDAQ:SOUN) is set to welcome on Friday, April 3, its co-founder, James Hom, as the new interim chief finance officer (CFO) following the official resignation of Nitesh Sharan to assume a new leadership role in another quantum computing company.
Sharan, however, will remain as an advisor to support the transition.
Search has begun for a permanent CFO with the assistance of an executive search firm.
Last year, the listed quantum computing firm narrowed its GAAP net loss by 96 percent to $14 million from $350.68 million last year. Revenues jumped by 99 percent to $168.92 million from $84.69 million a year earlier.
In the fourth quarter alone, it swung to a GAAP net income of $40 million from a $258.6 million net loss in the same quarter a year earlier, while revenues increased by 59 percent to $55 million from $34.5 million.
9. Snap Inc. (NYSE:SNAP)
Snap rallied for a second day on Tuesday, jumping 14.43 percent to finish at $4.6 apiece, as investors welcomed an investor’s acquisition of an additional stake in the company to rally for its growth amid the company’s “lacking” development strategies.
Irenic Capital Management, which currently holds a 2.5 percent stake in Snap Inc. (NYSE:SNAP), sent a letter to CEO Evan Spiegel outlining its recommendations to bolster the listed firm’s growth.
It said that Snap Inc. (NYSE:SNAP) should already be worth $35 billion by now, versus $7 billion at present, and that the share price must have already been at $26.37 versus $3.93 as of the submission of the letter.
“Even those numbers, $26.37 per share, $35 billion, high as they are relative to today, seem small to us. A growing, profitable Snap with its enviable demographics, its AI entry point, and its AR franchise is probably worth even more,” Irenic Capital said.
Among its recommendations is spinning off or shutting down the Specs smart glasses business, if it cannot fund its own operations; rationalizing the cost structure after “over-hiring” employees.
It also suggested Snap Inc. (NYSE:SNAP) to align employee incentives, deeming it poorly structured; focus on AI to improve ad monetization; repurchase shares amid its discounted price; and improve corporate governance.
“Snap should not continue doing what it has been doing. It’s not working. And we’re not telling you anything you don’t know already,” Irenic Capital said.
It noted that the pace of action, speed of execution, and the relentlessness required “are simply lacking.”
8. Amprius Technologies Inc. (NYSE:AMPX)
Amprius snapped a three-day losing streak on Tuesday, surging 14.54 percent to close at $16.86 apiece, mimicking optimism in the broader market over renewed hopes for the end of war in the Middle East.
On the same day, Wall Street’s three major indices all finished in the green, with the Nasdaq leading gains by 3.83 percent, followed by the S&P 500, jumping 2.91 percent, and the Dow Jones, up 2.49 percent.
According to reports, Iranian President Masoud Pezeshkian has shown willingness to end the ongoing war with Israel and the US, but has sought guarantees that the conflict would no longer repeat.
The comments sparked hopes for easing tensions among the three countries, having rattled the global economy for more than a month now since the start of the conflict.
The positive news spilled over to Amprius Technologies Inc. (NYSE:AMPX), helped by strong optimism for the overall lithium-ion battery industry, which is targeted to grow by 15 percent annually and reach 26 GWh over the next four years, amid increasing urban mobility needs and electrification.
In other news, Amprius Technologies Inc. (NYSE:AMPX) said that it bagged a $21 million order for its SiCore cylindrical cells from a new electric vehicle maker based in China. The batteries will be installed in its range of light electric vehicles, including scooters, three-wheelers, and motorcycles.
7. ImmunityBio Inc. (NASDAQ:IBRX)
ImmunityBio soared by 15.17 percent on Tuesday to finish at $7.67 apiece, as investor sentiment was boosted by its successful raising of $100 million in fresh funds to support its global expansion.
In a statement on the same day, ImmunityBio Inc. (NASDAQ:IBRX) said that it secured a $75 million, non-dilutive financing from Oberland Capital under the existing $375 million Royalty Interest Purchase Agreement.
“This additional non-dilutive financing gives us the capacity to continue scaling our commercial efforts and expanding globally following recent Anktiva approvals, while positioning us to take full advantage of the growth opportunities ahead,” ImmunityBio Inc. (NASDAQ:IBRX) President and CEO Richard Adcock said.
“The strengthening of the company’s balance sheet through non-dilutive financing from Oberland, combined with the Founder’s reduction of debt, supports our global expansion following recent approvals and the advancement of our immunotherapy pipeline,” he added.
Simultaneously, Nant Capital, LLC—a company affiliated with ImmunityBio Inc. (NASDAQ:IBRX) Chairman Patrick Soon-Shiong, converted $25 million of debt into 4.6 million shares, slashing its $505 million debt under a December 2024 promissory note.
Earlier this month, ImmunityBio Inc. (NASDAQ:IBRX) announced its future expansion into Macau following the special administrative region’s green light for the sale of Anktiva in the said area.
Macau marks the 34th country where Anktiva would be commercially available, having also secured the approval of the US, the UK, Europe, and Saudi Arabia.
6. Applied Digital Corp. (NASDAQ:APLD)
Applied Digital snapped a three-day losing streak on Tuesday, jumping 15.55 percent to finish at $23.74 apiece, as investors loaded portfolios ahead of the results of its earnings performance for the third quarter of fiscal year 2026.
The company is scheduled to release its financial and operating highlights after market close next Wednesday, April 8. A conference call will be held to elaborate on the results.
Earlier this month, Applied Digital Corp. (NASDAQ:APLD), through its subsidiary, APLD ComputeCo 2 LLC, secured $2.15 billion in fresh funds from the offer of 6.750 percent senior secured notes due 2031.
Proceeds from the offer will be used to fund the development and the construction of 200 megawatts of critical IT load at Polaris Forge 2, its AI Factory campus in Harwood, North Dakota, as well as “Project Accounts” in accordance with the provisions of the indenture.
In other developments, Applied Digital Corp. (NASDAQ:APLD) maintained an optimistic stance from Mad Money host and former hedge fund manager Jim Cramer, telling a caller in the show’s last episode that he would “get high-growth digital infrastructure” stock with the listed firm.
Earlier this year, Cramer also suggested to “own the stock,” saying that Applied Digital Corp. (NASDAQ:APLD) is going to have a breakout quarter.
“I know it seems like it’s expensive because it has generated a lot of losses. I think those are going to come to a conclusion very, very soon,” he said.
While we acknowledge the potential of APLD 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 APLD and that has 100x upside potential, check out our report about the cheapest AI stock.
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