Ten stocks kicked off the first trading day of June, delivering double-digit gains, thanks to a flurry of positive corporate developments and analyst ratings that bolstered investor buying appetite. Of the 10 stocks, four notably soared to new record highs.

Meanwhile, the three major indices on Wall Street also finished in the green, led by the Nasdaq, up 0.42 percent, followed by the S&P 500 jumping 0.26 percent, and the Dow Jones, rising 0.09 percent.

In this article, we identify the 10 top-performers on Monday and break down the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2 billion market capitalization and 5 million shares in trading volume.

10. Arm Holdings plc (NASDAQ:ARM)

Arm Holdings kicked off the first day of the month soaring to a new all-time high, as investors resorted to a flurry of positive developments, including Nvidia Corp.’s launch of new chips built on its architecture and two analysts’ optimistic rating for its stock.

In intra-day trading, Arm Holdings plc (NASDAQ:ARM) climbed to its highest price of $421.69 before paring gains to end the session just up by 15.73 percent at $408.85 apiece.

Over the weekend, Nvidia Corp. Chairman and CEO Jensen Huang unveiled the RTX Spark, a new product built on Arm Holdings plc’s (NASDAQ:ARM) platform, calling it the “most efficient PC chip ever created.”

Nvidia said that RTX Spark powers the world’s first Windows PCs purpose-built personal agents, featuring one petaflop of AI performance, industry-leading power efficiency, full-stack Nvidia AI and graphics technology, and up to 128 GB of unified memory.

Following the news, Mizuho Securities upgraded its price target for Arm Holdings plc (NASDAQ:ARM) by 18 percent to $425 from $360 previously and maintained its “outperform” rating. The new figure also represented a 4 percent upside potential from its latest closing price.

Meanwhile, the chipmaker also received an optimistic rating from Mad Money host and former hedge fund manager Jim Cramer, saying that the firm still holds the potential to grow further.

“The chip design company had been putting up some pretty good numbers. But more [importantly] it announced that rather than just licensing its technology to other chip makers, Arm would also make its own CPUs. Big change, right when we started hearing that these new AI agents needed a ton of advanced CPUs to operate.”

9. Klaviyo Inc. (NYSE:KVYO)

Klaviyo extended its winning streak to a third consecutive day on Monday, surging 15.91 percent to finish at $18.36 apiece, as investors resumed buying positions ahead of its Finance chief’s participation at a conference this week.

In a notice to investors, Klaviyo Inc. (NYSE:KVYO) said that Chief Finance Officer Amanda Whalen is to join a fireside chat at the William Blair Growth Conference before market close on Wednesday, June 3.

Investors are expected to watch for the company’s next steps and updated outlook following the earlier announcement that she is set to step down from her post effective August 21, 2026. She will remain in an advisory role through November to support a smooth transition.

Klaviyo Inc. (NYSE:KVYO) has yet to name a new replacement but said it is now underway with the search for a new CFO.

Last month, Klaviyo Inc. (NYSE:KVYO) reported a stellar earnings performance in the first quarter of the year, having swung to a net income of $9.04 million from a $14.09 million in the same period last year. Revenues increased by 28 percent to $358 million from $279.8 million year-on-year, supported by AI.

“AI is changing the way we work, and we are seeing that in our results, as we grew revenue by employee by more than 25 percent year-over-year. As customers consolidate more of their customer engagement on Klaviyo and AI adoption deepens, we’re seeing durable results that give us confidence in raising our top and bottom line outlook for the full year,” Whalen was quoted as saying.

8. MGM Resorts International (NYSE:MGM)

MGM Resorts extended its winning streak to an 8th straight session on Monday, to notch a new two-year high, as investors resumed buying positions following confirmation that it would review a sale offer.

In intra-day trading, the stock climbed to a record high of $51.56 before paring gains to end the day just up by 16.08 percent at $50.69 apiece.

In a statement on the same day, MGM Resorts International (NYSE:MGM) said that it received an offer from People Inc. for the latter’s full acquisition of its shares at a price of $48.30 apiece. The offer price marked a 4.7-percent discount from its latest closing price of $50.69, but was 10.6 percent higher than its closing price on Friday, or prior to the confirmation.

“The company’s Board of Directors, in consultation with its financial and legal advisors, will carefully review and consider the proposal to determine the course of action that it believes is in the best interests of the company and all of its shareholders. MGM Resorts shareholders do not need to take any action at this time,” it noted.

Following the news, the stock climbed to a record high of $51.56 before trimming gains to end the session just up by 16.08 percent at $50.69 apiece.

People Inc. announced on the same day that it offered to acquire just over 50.1 percent stake in the company in a bid to diversify beyond its media and food and wine businesses. The offer is expected to boost MGM Resorts International’s (NYSE:MGM) valuation to $18 billion.

The sale offer followed the results of MGM Resorts International’s (NYSE:MGM) earnings performance in the first quarter of the year, with attributable net income slashed by 15.5 percent to $125 million from $148 million in the same period last year. Revenues increased by 3.97 percent to $4.45 billion from $4.28 billion year-on-year.

7. Applied Optoelectronics Inc. (NASDAQ:AAOI)

Applied Optoelectronics snapped a two-day losing streak on Monday, surging 17.21 percent to close at $185.67 apiece, as investors digested an investment firm’s optimism for huge growth potential for optical stocks amid the rapidly growing artificial intelligence sector.

In a market note on Friday, Rosenblatt said that it expects optical component manufacturers to expand production capacities by approximately 12x through 2030, albeit at a slower pace than the rapid demand growth from AI.

Rosenblatt noted that last year alone, the supply of indium phosphide-based Datacom components lagged by 50 percent. However, this gives room for huge growth and expansion opportunities for key players such as Applied Optoelectronics Inc. (NASDAQ:AAOI).

For its part, Applied Optoelectronics Inc. (NASDAQ:AAOI) is underway with the expansion of its new manufacturing facility in SugarLand, Texas, as it eyes to support the growing needs of its customers.

The company initially programmed $150 million in capital expenditures for the site development, and later doubled it to $300 million by the end of 2027.

The new facility will sit on a 210,000-square-foot manufacturing warehouse, and is set to strengthen domestic manufacturing, scale advanced optical transceiver production, and reinforce SugarLand as a growing hub for AI innovation.

6. Asana Inc. (NASDAQ:ASAN)

Asana bounced back by 17.21 percent on Monday to close at $185.67 apiece, as investor sentiment was bolstered by its expansion into artificial intelligence with its acquisition of Stack AI.

In a statement late Friday, Asana Inc. (NASDAQ:ASAN) said that it has completed the acquisition of Stack AI—a no-code AI workflow platform that enables companies to design, test, deploy, and govern custom AI agents and intelligent automation of business-critical workflows.

According to Asana Inc. (NASDAQ:ASAN), Stack AI is one of the few companies that can execute end-to-end processes across enterprise tools with multi-agent workflows—reading and acting on Salesforce, AWS, DocuSign, Oracle, document systems, and industry applications through bi-directional sync.

“This acquisition accelerates our roadmap and marks the next phase of human-agent work. We’re seeing real momentum with AI Teammates and AI Studio: customers are augmenting their teams with purpose-built agents that take on everyday work and use AI Studio to build automations around highly repetitive processes like request intake and task routing,” said Asana Inc. (NASDAQ:ASAN) CEO Dan Rogers.

“StackAI now lets them go further, agentifying the most complex business processes end-to-end, across every system and tool their business runs on. This is an incredibly exciting time for Asana. We’re primed to help enterprises unlock the real productivity promise of AI,” he noted.

Click to continue reading and see the other 5 Stocks Entering June on Fire.

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