Ten stocks surged higher on Wednesday, tracking a positive finish on the broader market after a volatile start triggered by President Donald Trump’s comment that he mulled over firing Federal Reserve Chairman Jerome Powell, though he noted it was “highly unlikely.”
The stocks, which we named in this list, were dominated by Bitcoin mining companies, with investors appearing to remain optimistic about the passage of three bills that would regulate the framework for digital coins and cryptocurrencies.
The stocks were chosen based on two criteria: at least $2 billion in market capitalization and over 5 million shares in trading volume.
10. Bitdeer Technologies Group (NASDAQ:BTDR)
Bitdeer Technologies jumped by 7.57 percent on Wednesday to close at $13.50 apiece as investors remained optimistic about the passage of three legislations aimed at regulating the framework of cryptocurrencies and digital assets in the US.
A so-called “Crypto Week” will supposedly secure lawmakers’ green light this week for three legislations, namely the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.
The Genius Act, for its part, needed the approval of House lawmakers before it could be sent to President Donald Trump to officially pass the measure into law.
However, a snag cast doubt on the fate of the measures, which led to the failed approval of the bills. While Trump promised the passage on Tuesday morning, no measure succeeded during the day.
Investors, however, remained optimistic, evident with the rally in prices of Bitcoin and shares of mining firms, such as Bitdeer Technologies Group (NASDAQ:BTDR), thanks to the bold backing from Trump himself.
In other news, Bitdeer Technologies Group (NASDAQ:BTDR) is expected to release the results of its second quarter earnings performance in the second week of August 2025.
9. TeraWulf Inc. (NASDAQ:WULF)
TeraWulf jumped by 7.8 percent on Wednesday to close at $5.25 apiece as investors remained optimistic about the passage of three bills that would regulate the framework of digital assets and cryptocurrencies.
TeraWulf Inc. (NASDAQ:WULF) rallied alongside Bitcoin prices and its mining peers, on optimism that the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act, will secure lawmakers’ green light and pass into law.
The Genius Act, for its part, needed the approval of House lawmakers before President Donald Trump signs it into law.
However, a snag cast doubt on the fate of the measures, which led to the failed approval of the bills earlier this week. While Trump promised the passage on Tuesday morning, no measure succeeded during the day.
Despite the failed approval, investors were holding onto the industry’s strong backing from Trump himself, who promised earlier this year to make cryptocurrency a national priority.
In other news, TeraWulf Inc. (NASDAQ:WULF) is expected to release the results of its second quarter earnings performance in the second week of August 2025.
8. Uranium Energy Corp. (NYSEAmerican:UEC)
Uranium Energy rallied for a fifth consecutive day on Wednesday, jumping 9.31 percent to close at $7.63 apiece as investor sentiment was bolstered by President Donald Trump’s announcement of investments worth $92 billion in the artificial intelligence sector.
Additionally, Trump said that the US government will speed up permits for an expected boom in the development of new power plants.
The announcement sparked excitement among investors, boosting renewed interest in shares of companies that will largely benefit from AI.
For its part, Uranium Energy Corp. (NYSEAmerican:UEC) is set to take advantage of the soaring energy demand as AI data centers grow more thirsty for power. The nuclear sector, one of the key players of the energy mix, is heavily reliant on uranium products to fuel its power plants is expected to propel the growth of the uranium industry.
7. Unity Software Inc. (NYSE:U)
Unity Software saw its share prices jump by 14.31 percent on Wednesday to close at $33.94 apiece as investors took path from an investment firm’s price target upgrade.
In a market note, Jefferies raised its price target for Unity Software Inc. (NYSE:U) to $35 from $29 previously, while maintaining a “buy” recommendation. The new figure marked a 3-percent upside from its latest closing price.
Citing data from the second quarter mobile game ad tech survey, Jefferies said overall 2025 ad spend expectations improved off of April and are now on track for a 4-percent growth year-on-year.
Additionally, Jefferies underscored Unity Software Inc.’s (NYSE:U) return on ad spend for clients improved by 10-20 percent from 5-7 percent in the previous quarter.
Jefferies also posted higher earnings expectations for Unity Software Inc. (NYSE:U) given its industry position and growing market share.
6. Summit Therapeutics Inc. (NASDAQ:SMMT)
Summit Therapeutics surged by 16.05 percent on Wednesday to close at $28.27 apiece, leading the rally of the overall biotechnology sector, as investors repositioned portfolios ahead of the release of its second quarter earnings performance.
Based on its historical earnings reporting dates, Summit Therapeutics Inc. (NASDAQ:SMMT) is slated to announce the results of its financial and operating performance in the first week of August 2025, where investors will be looking out for updated outlooks and cues of further partnerships with other companies.
In recent news, Summit Therapeutics Inc. (NASDAQ:SMMT) reportedly sat down with AstraZeneca for a supposed $15-billion licensing deal for its experimental lung cancer drug Ivonescimab.
According to reports, the deal could include an upfront payment of several billion dollars to Summit Therapeutics Inc. (NASDAQ:SMMT) on top of milestone payments later on. However, a deal is not guaranteed as the company could still explore partnerships with other firms.
The negotiations followed Summit Therapeutics Inc.’s (NASDAQ:SMMT) official $5-billion licensing partnership with China-based Akeso in December 2022.
5. Galaxy Digital (NASDAQ:GLXY)
Galaxy Digital jumped by 16.78 percent on Wednesday to end at $24.36 apiece as investors cheered on its expansion into Bitcoin holdings through an investment in Function.
Function, formerly Ignition, said in a statement on Wednesday that it raised as much as $10 million from investment support from Galaxy Digital (NASDAQ:GLXY), Antalpha, and Mantle.
Function—through FBTC, a fully reserved Bitcoin asset—is transforming Bitcoin from a passive store of value into a productive, composable financial asset that can flow seamlessly across decentralized and traditional markets.
Jason Urban, Global Head of Trading at Galaxy Digital (NASDAQ:GLXY), said that Function’s institutional expertise strengthens its mission to build the standard infrastructure that enables Bitcoin to flow freely across global financial markets.
“I believe Function represents the next evolution in Bitcoin’s journey toward becoming a productive financial asset. We’re excited to contribute to the infrastructure that Function is building to establish Bitcoin as a capital-efficient reserve asset for global markets,” he added.
Based on its historical earnings reporting dates, Galaxy Digital (NASDAQ:GLXY) is set to release its second quarter earnings results in the first week of August 2025.
4. Joby Aviation, Inc. (NYSE:JOBY)
Joby Aviation extended its winning streak to a third consecutive day on Wednesday, surging 17.06 percent to close at $16.33 apiece as investors gobbled up shares ahead of its second quarter earnings results, while digesting plans to double down on production.
In a statement earlier this week, Joby Aviation, Inc. (NYSE:JOBY) said that it is underway with the expansion of its Marina facility to 435,500 square feet. Upon completion and full operations, the site would be capable of producing 24 aircraft per year, or an average of one aircraft every other week. It will also provide key capabilities, including its initial FAA production certification, conforming ground and flight testing components, pilot training simulators, and aircraft maintenance.
The Marina facility forms part of Joby Aviation, Inc.’s (NYSE:JOBY) total of four manufacturing sites, including two in Santa Cruz, California and one in Dayton, Ohio, which is also set for expansion to accommodate the production of 500 aircraft annually.
In other news, Joby Aviation, Inc. (NYSE:JOBY)—based on its historical earnings reporting dates—is expected to release the results of its second quarter earnings performance in the first week of August 2025.
3. Circle Internet Group (NYSE:CRCL)
Circle Internet rallied by 19.39 percent on Wednesday to end at $233.2 apiece as investors remained optimistic about the passage of three bills that would regulate the framework for digital coins and cryptocurrencies, while repositioning portfolios ahead of its second quarter earnings results.
In a statement, Circle Internet Group (NYSE:CRCL) said that it would release the results of its second quarter financial and operating performance on August 12, 2025. A live webcast will be held at 8 AM to discuss the results.
Meanwhile, investors remained hopeful for the passage of three bills—the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act, which seek to advance the use of stablecoins and cryptocurrencies in the US.
Weeks earlier, Circle Internet Group (NYSE:CRCL) announced the official submission of an application with the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency Bank, N.A.
If approved, the bank would be authorized to operate as a fully regulated trust institution and would oversee the management of the USDC stablecoin reserve on behalf of Circle.
2. SharpLink Gaming, Inc. (NASDAQ:SBET)
SharpLink Gaming extended its winning streak to a 7th consecutive day on Wednesday, jumping 29.03 percent to close at $37.38 apiece following news that it has become the largest holder of Ethereum cryptocurrencies globally.
This followed the acquisition of 74,656 ETH last week, propelling its total ownership of the cryptocurrency to 280,706. The assets were acquired between July 7 and 13 at a weighted average price of $2,852 each.
The transaction also coincided with SharpLink Gaming, Inc.’s (NASDAQ:SBET) successful raising of $413 million through the issuance of more than 24 million shares At-The-Market between July 7 and 11.
As of July 13, SharpLink Gaming, Inc. (NASDAQ:SBET) said approximately $257 million of the total proceeds have yet to be spent on ETH purchases.
Based on its historical earnings reporting dates, SharpLink Gaming, Inc. (NASDAQ:SBET) is slated to announce the results of its second quarter earnings performance in the second week of August 2025.
1. Rigetti Computing, Inc. (NASDAQ:RGTI)
Rigetti Computing surged by 30.19 percent on Wednesday to end at $16.56 apiece as investors cheered the achievement of a new milestone that cut its error rate by half as compared with its previous record.
In a statement, Rigetti Computing, Inc. (NASDAQ:RGTI) said that its modular 36-qubit system achieved its mid-year performance milestone of 99.5 percent median two-qubit gate fidelity, a 2x reduction in median two-qubit gate error rate from its previous best results on its 84-qubit single-chip Ankaa-3 system.
Composed of four 9-qubit chips tiled together, the 36-qubit system is based on Rigetti Computing, Inc.’s (NASDAQ:RGTI) proprietary modular chip technology and unlocks the company’s path to building a 100+ qubit chiplet-based system.
Rigetti plans to launch its 36-qubit system on August 15, and remains on track to release its 100+ qubit chiplet-based system at 99.5 percent median two-qubit gate fidelity before the end of the year.
“We benefit from the many advantages of superconducting qubits, including gate speeds more than 1,000x faster than other modalities like ion trap and pure atoms, and scalability. By leveraging well-known techniques from the semiconductor industry, we’ve developed proprietary technology that we believe is critical to enable scaling to higher qubit count systems,” said Rigetti Computing, Inc. (NASDAQ:RGTI) CEO Subodh Kulkarni.
“We look forward to sharing more updates when we release our operating results for the second quarter of 2025.”
While we acknowledge the potential of RGTI 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 RGTI and that has 100x upside potential, check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email below.
