Ten stocks soared higher on Wednesday, mirroring a broader market optimism, as investors continued to place bets on an interest rate cut in the last Federal Open Market Committee meeting for the year.
The Dow Jones led the charge among Wall Street’s main indices, up 0.86 percent; followed by the S&P 500, up 0.30 percent; and the Nasdaq, up 0.17 percent.
Indices aside, we name the 10 top-performing stocks on Wednesday and break down the reasons behind their gains.
To come up with the list, we focused exclusively on companies with a $2 billion market capitalization and 5 million shares in trading volume.
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10. Quantum Computing Inc. (NASDAQ:QUBT)
Quantum Computing rallied for a second day on Wednesday, adding 9.73 percent to close at $12.07 apiece as investors continued to load portfolios to take advantage of its cheap valuation.
The rally followed a 30 percent drop last month to $11.70 from $16.71 in the last trading day of October, which traders took as opportunity to load up on shares.
Additionally, Quantum Computing Inc. (NASDAQ:QUBT) mirrored an overall market optimism ahead of the last Federal Open Market Committee meeting for the year, where the US central bank’s Monetary Board is expected to announce a 25-basis point rate cut.
Quantum Computing Inc. (NASDAQ:QUBT) is an integrated photonics and quantum optics technology company providing quantum machines and TFLN foundry services.
In the third quarter of the year, it swung to a net income of $2.38 million from a $5.67 million net loss in the same period last year, primarily driven by a $9.2 million gain from the mark-to-market of a derivative liability and interest income of $3.5 million.
Revenues jumped by 280 percent to $384,000 from $101,000 year-on-year, on the back of research and development services and custom hardware contracts.
9. Ondas Holdings Inc. (NASDAQ:ONDS)
Ondas Holdings extended gains for a second day on Wednesday, jumping 10.53 percent to finish at $8.92 apiece following announcements that it won the bidding for the development of an autonomous border protection system for a government entity.
In a statement, Ondas Holdings Inc. (NASDAQ:ONDS) said that the company, through its business unit, Ondas Autonomous Systems, was chosen by an undisclosed government entity as the prime contractor for the design, development, and integration of a full-scale drone-based autonomous border protection system for both fixed and mobile environments.
The system will enable 24/7 ISR, autonomous swarm deployment, and rapid detection and mitigation of ground and aerial threats across complex terrain and high-activity border zones. All sensors, effectors, and mission operations will be unified under a centralized command-and-control architecture.
The program is expected to begin next month and completed in two years. Development will be implemented in multiple phases.
“This program builds directly on our global momentum and accelerates our strategy to deliver integrated, mission-ready autonomous solutions to defense and homeland security customers,” said Ondas Holdings Inc. (NASDAQ:ONDS) Chairman and CEO Eric Brock.
For his part, OAS co-CEO Oshri Lugassy said that by combining OAS’ autonomous platforms with capabilities from its partners, the company “will deliver a highly automated border protection architecture capable of swarm deployment, rapid threat interception, and persistent ISR.”
8. ON Semiconductor Corp. (NASDAQ:ON)
ON Semiconductor extended its winning streak to a 7th straight day on Wednesday, jumping 11.01 percent to close at $57.15 apiece as investors took heart from its partnership with Innoscience to expand the production of gallium nitride (GaN) power devices in a bid to capture the $2.9 billion market.
In a statement, ON Semiconductor Corp. (NASDAQ:ON) said it signed a memorandum of understanding under which they would collaborate to scale up GaN manufacturing worldwide for faster market availability and adoption.
It said they aim to target various markets such as robotics, automotive, telecommunications, and AI data center, among others.
“Until now, in the low and medium voltage segments, cost and supply constraints have limited its widespread adoption. Through a collaboration with Innoscience, we expect to be able to access the industry’s largest GaN production footprint and quickly scale our GaN offerings for customers worldwide to enable broader adoption in mainstream power applications,” said ON Semiconductor Corp. (NASDAQ:ON) Vice President for Corporate Strategy Antoine Jalabert.
7. Circle Internet Group (NYSE:CRCL)
Circle Internet surged by 11.43 percent on Wednesday to close at $86.29 apiece as investors continued to hunt for bargains after the stock’s steep fall last month.
During the period, Circle Internet Group (NYSE:CRCL) was down by 37 percent versus October, to even hit a low of $64—a level it last touched in its market debut in June.
Circle Internet Group (NYSE:CRCL) is a global financial technology firm that created the USDC and EURC stablecoins.
In the third quarter of the year, the company grew its net income by 202 percent to $214.38 million from only $70.996 million in the same period last year.
Total revenues and reserve income jumped by 66 percent to $739.76 million from $445.76 million year-on-year, on the back of a 97 percent growth in USDC circulation, alongside strong revenues from subscription and services, as well as transactions.
6. D-Wave Quantum Inc. (NYSE:QBTS)
D-Wave Quantum soared by 11.47 percent on Wednesday to finish at $25.28 apiece as investors took heart from plans to secure government contracts for quantum computing.
In a statement, D-Wave Quantum Inc. (NYSE:QBTS) said that it formed a new business unit solely focused on driving the adoption of quantum computing products and services with the US government.
The new subsidiary would be led by Jack Sears Jr., a seasoned government and public sector business executive.
In addition to leading the new arm, D-Wave Quantum Inc. (NYSE:QBTS) would also welcome Sears in its executive team and serve as its vice president for US government solutions.
“The call to use quantum technologies to address our nation’s interests is increasing, as the U.S. government faces complex challenges that require more powerful and agile problem-solving resources to protect our nation,” D-Wave Quantum Inc. (NYSE:QBTS) CEO Alan Baratz.
“By formalizing a US government-focused business unit under Jack’s leadership, we aim to facilitate the rapid development of quantum applications that address national security, defense, and infrastructure challenges,” he noted.
5. Genius Sports Limited (NYSE:GENI)
Genius Sports surged by 11.97 percent on Wednesday to end at $11.32 apiece as investors cheered its financial growth targets for 2028.
During its Investor Day on the same day, Genius Sports Limited (NYSE:GENI) unveiled targets of hitting $1.2 billion in revenues over the next three years; adjusted EBITDA of $365 million, and free cash flow of $220 million.
“Genius’ clear, diversified revenue drivers, supported by the predictability of long-term contracts, stable cost base, and scaled infrastructure, allow us to deliver our 2028 financial targets with confidence and to generate sustained free cash flow to deploy against our disciplined capital allocation framework,” said Genius Sports Limited (NYSE:GENI) Chief Finance Officer Bryan Castellani.
In the third quarter of the year, Genius Sports Limited (NYSE:GENI) swung to a net loss of $28.8 million from a $12.5 million net income in the same period last year.
Revenues jumped by 38.3 percent to $166.28 million from $120.2 million year-on-year, primarily driven by an 89 percent jump in media revenues and 28 percent growth in betting revenues.
Adjusted EBITDA stood at $33.99 million, higher by 32.3 percent from $25.69 million year-on-year.
For the full-year 2025, the company is targeting to book $655 million in revenues, or an implied growth of 28 percent growth year-on-year.
4. Nuvation Bio Inc. (NYSE:NUVB)
Nuvation rebounded by 12.05 percent on Wednesday to finish at $8.37 apiece following the stellar results of its phase 2 study for the efficacy of Safusidenib to treat of a type of brain tumor.
In an updated report on the same day, Nuvation Bio Inc. (NYSE:NUVB) said that the study met its primary endpoint, having demonstrated an objective response rate of 44.4 percent.
The study evaluated 27 patients with IDH1-mutant grade 2 gliomas who had no prior anticancer therapy except for resection or biopsy.
Side effects were also mostly mild to moderate and considered manageable.
Grade 3 or greater treatment-related adverse events occurred in five patients, while no Grade 5 events were reported.
“The results published in the journal of Neuro-Oncology demonstrate Safusidenib’s impressive response rate and prolonged progression-free survival that suggest the possibility to delay chemoradiation, potentially improving quality of life for patients,” said Nuvation Bio Inc. (NYSE:NUVB) President and CEO David Hung.
3. Microchip Technology Inc. (NASDAQ:MCHP)
Microchip soared by 12.17 percent on Wednesday to finish at $63.61 apiece after raising its financial growth outlook for the third quarter of fiscal year 2026 ending December 31.
In an updated report, Microchip Technology Inc. (NASDAQ:MCHP) said it now expects net sales and diluted earnings per share to be at the high end of its prior guidance of $1.109 billion to $1.149 billion. Net sales are also targeted to jump by 12 percent year-on-year.
Meanwhile, GAAP EPS is projected at $0.02—the high end of its previous guidance range of $0.02 loss per share to a $0.02 EPS.
Non-GAAP EPS is pegged at $0.40, the high end of its original guidance of $0.34 to $0.40.
“Our business is performing better than we expected at the time of our November 6, 2025 earnings conference call. Our bookings activity has remained strong through November with backlog filling in better than expected in the current quarter and growing nicely into the March 2026 quarter. We are executing on our nine-point recovery plan as well as our strategic initiatives, reducing inventory levels, improving non-GAAP gross margins, operating margins and earnings per share, and making progress towards our long-term business model,” said Microchip Technology Inc. (NASDAQ:MCHP) President and CEO Steve Sanghi.
2. Aurora Innovation, Inc. (NASDAQ:AUR)
Aurora Innovation surged by 13.03 percent on Wednesday to close at $4.51 apiece, mirroring an overall market optimism ahead of the US central bank’s decision on interest rates.
The Federal Reserve is set to announce its decision on interest rates on December 10, and economists are placing bets on a 25-basis point rate cut.
In other news, Aurora Innovation, Inc. (NASDAQ:AUR) recently expanded its commercial operations in Texas through the launch of a second route—from Fort Worth to El Paso, following its five autonomous trucks’ successful achievement of the first 100,000 miles of running driverless on public roads. The Fort Worth to El Paso route alone spans 600 miles.
By next year, the company is planning to unveil a next-generation hardware designed to reduce overall cost by half while boosting performance and durability.
These include increased reliability to last for over a million miles, new generation of FirstLight lidar capable of detecting objects from 1,000 meters away, or twice the distance of the current generation, as well as enhanced sensor cleaning to operate reliably in harsher weather conditions.
1. American Eagle Outfitters, Inc. (NYSE:AEO)
American Eagle jumped by 15.07 percent on Wednesday to end at $23.97 apiece as investor sentiment was bolstered by the results of its earnings performance in the third quarter of the year, coupled with a higher growth outlook for the fourth quarter.
In an updated report, American Eagle Outfitters, Inc. (NYSE:AEO) said that net income jumped by 14 percent to $91.3 million from $80 million in the same period last year.
Total net revenues grew by 5.4 percent to $1.36 billion from $1.29 billion year-on-year, while comparable sales grew 4 percent.
“I’m extremely pleased with the significant trend change across our business reflecting decisive steps taken from merchandising to marketing to operations—all having a positive impact. Record third quarter revenue was highlighted by Aerie’s double-digit comparable sales increase and positive growth at American Eagle, contributing to results that exceeded expectations,” said American Eagle Outfitters, Inc. (NYSE:AEO) CEO Jay Schottenstein.
“Strong momentum has continued into the fourth quarter, including an excellent start to the holiday season. We delivered a record-breaking Thanksgiving weekend, led by an acceleration in demand across brands and channels and underscored by outstanding growth at Aerie and Offline. We are focused on finishing the season strong and sustaining our success into 2026 and beyond,” he noted.
Looking ahead, American Eagle Outfitters, Inc. (NYSE:AEO) raised its outlook for its fourth quarter operating income to a range of $155 million to $160 million, or an implied 8 to 9 percent growth.
For the full year, adjusted operating income is projected at $303 million to $308 million, with comparable sales in the low single digits, versus the prior guidance of $255 million to $265 million.
While we acknowledge the potential of AEO 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 AEO and that has 100x upside potential, check out our report about the cheapest AI stock.
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