Ten stocks started the trading week jumping by double-digits and mirroring the highly optimistic broader market, thanks to the US and Iran’s deal to end the war.
Wall Street’s three major indices all finished higher, with the Nasdaq leading gains by 3.07 percent, followed by the S&P 500 jumping 1.65 percent, and the Dow Jones, up 0.92 percent.
Indices aside, we explore the 10 top-performing stocks on Monday and break down the reasons behind their gains.
To come up with the list, we considered the stocks with a market capitalization of $2 billion and 5 million shares in trading volume.
Photo by Tima Miroshnichenko on Pexels
10. D-Wave Quantum Inc. (NYSE:QBTS)
D-Wave Quantum saw its share prices climb by 12.37 percent on Monday to close at $26.26 apiece, mirroring a wider market optimism, while investors increased their exposure in industries with rosy long-term prospects.
The stock climbed alongside its counterparts, helped primarily by rosy prospects for the sector after the US government last month announced $2 billion in funding support to accelerate the country’s leadership in quantum computing.
D-Wave Quantum Inc. (NYSE:QBTS) was among the nine named beneficiary companies, with a $100 million in funding from the Department of Commerce to help finance its critical advancements in annealing and gate-model superconducting quantum computing systems, including qubit counts, error rates, and coherence through advanced dielectric material optimization, interface control, and high-density advanced packaging.
The government backing was ultimately aimed at supporting the US government’s goal to become the leader in quantum computing.
Additionally, investors positioned their portfolios ahead of the two-day Bank of America Transforming World Conference on Tuesday and Wednesday, June 16 and 17, where investors expect key quantum computing players to announce updates about their businesses and outlooks.
It was unclear, however, whether D-Wave Quantum Inc. would participate in the event, albeit its counterparts have already announced participation.
9. Hims & Hers Health Inc. (NYSE:HIMS)
Hims & Hers rallied by 12.49 percent on Monday to finish at $30.17 apiece, as investors cheered rosy growth prospects for the obesity market, alongside its efforts to bridge the gap between the rapidly increasing demand for weight-loss care and the limited capacity of traditional healthcare systems to serve it at scale.
In a health summit conducted last week, Hims & Hers Health Inc. Chief Medical Officer Craig Primack highlighted the strong need for obesity to be treated with the same urgency as other chronic diseases.
“[Around] 64 percent of UK adults are overweight or living with obesity, but NHS specialist weight management services are so overwhelmed that waiting lists have closed entirely across multiple regions, and where services remain open, the average wait is two to three years. This isn’t a UK-specific problem. Traditional health systems around the world, the US included, were not designed to absorb this level of demand,” Primack underscored.
“What we’ve built at Hims & Hers helps remove that friction. Medication, nutritional coaching, activity guidance, and clinical support, all in one place, on the patient’s schedule. Those aren’t small details. They’re what can turn a treatment plan into a lasting outcome,” he noted.
Hims & Hers Health Inc. currently offers FDA-approved obesity and weight loss treatments, Wegovy and Ozempic, under an ongoing partnership with Novo Nordisk.
“The gap between the scale of the obesity epidemic and the capacity of traditional care systems is not closing on its own. Closing it will require clinical rigor, genuine accessibility, and the kind of sustained support that keeps patients in treatment long enough for it to change their lives. That is what Hims & Hers is building,” Primack said.
8. Applied Optoelectronics Inc. (NASDAQ:AAOI)
Applied Optoelectronics ended two straight days of losses on Monday, surging 13.31 percent to end at $191.55 apiece, mirroring the rally in the broader market, while investors poured funds back into industries riding the AI boom.
The stock mimicked the steep rally in Nasdaq, jumping 3.07 percent, after the US and Iran officially announced the end of a four-month-long war and the reopening of the Strait of Hormuz.
The news immediately dragged prices of oil and gas products, which have since been benefiting from the war, due to supply constraints and logistics bottlenecks.
Meanwhile, optimism for Applied Optoelectronics Inc. (NASDAQ:AAOI) was further supported by Nvidia Corp. CEO Jensen Huang’s validation of the sector, saying that the right strategy “is to scale up with copper as long as you can. After that, you scale up further with optics.”
“You scale out with optics, and you scale across with optics. So you use optics wherever you must, you use copper wherever you can,” he noted.
Apart from Huang, investment firm Rosenblatt also issued a highly optimistic outlook for the optics sector, saying that it expects key players to expand production capacities by approximately 12x through 2030 to support the growing demands from AI. It noted, however, that the expansion rate will remain slower 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..
For its part, Applied Optoelectronics Inc. is underway with the expansion of its new manufacturing facility in SugarLand, Texas, as it aims 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.
7. X-Energy Inc. (NASDAQ:XE)
X-Energy saw its share prices increase by 13.50 percent on Monday to end at $21.10 apiece, mirroring the broader market optimism and Cathie Wood’s increased exposure to its stock.
Last week, Wood’s global asset management, ARK Invest, announced that it increased its stake in X-Energy Inc. (NASDAQ:XE), alongside companies namely Kodiak AI, Pony AI, and DoorDash.
Meanwhile, it trimmed its ownership in Pacific Biosciences, Recursion Pharmaceuticals, Twist Bioscience, and 10x Genomics, among others.
X-Energy Inc. also jumped alongside the wider market after the US and Iran announced the official end to a four-month war and the reopening of the Strait of Hormuz.
The news sparked renewed optimism, with investors rotating into stocks tied to long-term growth such as AI, energy, semiconductor, nuclear, and quantum computing, among others.
In other news, X-Energy Inc. earlier this month said that it sought the approval of the United Kingdom’s Generic Design Assessment for its Xe-100 High Temperature Gas-Cooled Reactor. Subject to acceptance, the approval would support the company’s plan with Centrica to deploy up to 6 GW of new nuclear in the UK.
Its latest submission builds on its US licensing progress and is expected to further benefit from expanded collaboration between ONR and the US Nuclear Regulatory Commission that allows for direct transfer of design documentation and safety analyses. This would allow applicants to leverage NRC-approved technical documents throughout the assessment, creating opportunities for enhanced efficiency in the UK’s licensing process.
6. Wolfspeed Inc. (NYSE:WOLF)
Wolfspeed saw its share prices climb by 13.79 percent on Monday to close at $49.09 apiece, mimicking optimism in the overall market after the US and Iran officially reached a deal to end the war.
Investors appeared to have increased their exposure in companies and industries riding the AI boom, such as semiconductors, among others.
In other developments, Wolfspeed Inc. (NYSE:WOLF) last week unveiled the fifth generation of its Silicon Carbide (SiC) MOSFETs, which was able to achieve up to 27 percent efficiency improvement over the currently available competitive 1200 V solutions.
The Gen 5 technology was designed to address various issues being faced by automotive OEMs, with vehicle cost, safety, mileage range, and charging infrastructure availability remaining a barrier to broader consumer adoption of EVs.
“Wolfspeed’s Gen 5 technology was designed to holistically address those barriers and sets a new benchmark for specific on-resistance (RSP)—a core figure of merit for efficiency relative to the MOSFET’s active die area. Gen 5 products enable system architects to design more compact traction inverters and improve mileage per charge and right-size costly EV batteries. They also unlock new SiC opportunities by replacing mechanical relays with solid-state circuit breakers and set new efficiency standards for EV charging infrastructure. The benefits extend well beyond automotive, with applications like industrial power supplies equally positioned to take advantage of the Gen 5’s uncompromised switching performance,” Wolfspeed Inc. said.
5. AXT Inc. (NASDAQ:AXTI)
AXT Inc. saw its share prices jump by 13.95 percent on Monday to close at $110.74 apiece, as investors resorted to bargain-hunting after it crashed below the $100 level last week.
The stock mirrored optimism in the overall market after President Donald Trump announced that the US and Iran have officially reached a deal to end their four-month war and reopen the Strait of Hormuz.
“I am very happy to say: it’s signed, the deal is all signed,” Trump said during a meeting with French President Emmanuel Macron on the same day.
The positive news spilled over to US markets. Wall Street’s three major indices, Dow Jones, S&P 500, and Nasdaq all clocked gains of 0.92 percent, 1.65 percent, and 3.07 percent, respectively.
For AXT Inc. (NASDAQ:AXTI), the easing tensions between the two nations could support supply chain and logistics for strategic materials, including indium phosphide, which is highly needed in AI data centers, telecommunications, and high-speed electronics, among others.
In other news, AXT Inc. is set to participate in a virtual conference to be organized by Northland Securities on June 23. Investors are expected to watch for cues about its performance in the second quarter of the year.
In its last earnings call, AXT Inc. remained optimistic about its outlook for its business, saying that it believes it is “in the best position to support and enable our industry in meeting the current and future needs.”
4. Western Digital Corp. (NASDAQ:WDC)
Western Digital extended its winning streak to a third consecutive day on Monday to hit a new all-time high, as investors took path from Morgan Stanley’s 33 percent price target upgrade and bullish coverage for its stock.
In intra-day trading, the stock climbed to its highest price of $658.80 before trimming gains to end the session just up by 16.10 percent at $653.53 apiece.
In a market note, Morgan Stanley reiterated its “overweight” rating on shares of Western Digital Corp. (NASDAQ:WDC), alongside a price target of $650, a marked upgrade from its $488 target previously.
Morgan Stanley said that the coverage reflected Western Digital Corp.’s dual-tracked UltraSMR/HAMR roadmap, which it believes investors continue to undervalue, saying that the latter is a source of reliability and strength rather than a technology gap versus its peers.
The investment firm also raised its earnings estimates for the storage maker to $22.40 and $43.47 for next year and in 2028, respectively.
It said that the company’s stock price holds the potential to double next year if his bull-case pricing assumptions play out.
3. Xanadu Quantum Technologies Ltd. (NASDAQ:XNDU)
Xanadu Quantum saw its share prices increase by 18.24 percent on Monday to finish at $13.94 apiece, as investor optimism was primarily driven by the US and Iran’s official deal to end a four-month-long war.
The stock mimicked the rally in the broader market, with investors particularly increasing their exposure to high-growth industries and sectors that earned the support of the US government.
Following the news, Xanadu Quantum Technologies Ltd. (NASDAQ:XNDU) rallied alongside its quantum computing counterparts, including D-Wave, Infleqtion, Rigetti, and IonQ, among others.
The rally was further supported by a new accomplishment last week, which saw the successful lowering of signal loss in connecting optical fibers to its quantum computing chips.
The project, which was developed in partnership with Corning Inc. and Disco Corp., successfully achieved an average 0.085 dB/facet edge-coupling loss, a critical metric for the feasibility and performance of photonic quantum computers.
A lower edge-coupling loss means that more light particles could pass through traditional electronic circuits and lower signal loss, thereby improving the performance of its quantum computers.
“Minimizing loss is paramount to unlocking the full potential of photonic quantum computing,” founder and CEO Christian Weedbrook said.
“This loss achievement of 0.085 dB/facet is not just an incremental improvement; it represents a significant leap forward in our ability to deliver highly-efficient and scalable quantum hardware. It underscores the power of our hardware development approach, from chip design to final packaging,” he noted.
2. Space Exploration Technologies Corp. (NASDAQ:SPCX)
SpaceX soared on its second day as a publicly listed company, jumping 19.60 percent to close at $192.50 apiece, amid a combination of broader market optimism, thanks to the US and Iran’s deal to end the war, while investors increased their exposure in stocks riding the AI wave.
Since it debuted on the stock market last Friday, Space Exploration Technologies Corp. (NASDAQ:SPCX) has already seen its valuation climb to $2.44 trillion, making it one of the most valuable companies in the US markets.
The rally can be primarily attributed to an overall optimism for the space sector, with the Elon Musk-led firm planning to invest heavily in orbital data centers in space to support the rapidly accelerating AI.
Space Exploration Technologies Corp. was able to raise $75 billion in fresh funds for its space exploration initiatives.
In its prospectus, Space Exploration Technologies Corp. said that proceeds from the offer will be used “to fund our growth strategy, including the expansion of our AI compute infrastructure, enhancements to our launch infrastructure and launch vehicles, increases in the scale and capacity of our satellite constellations, and any remaining amounts for general corporate purposes.”
1. Intellia Therapeutics Inc. (NASDAQ:NTLA)
Intellia saw its share prices soar by 23.20 percent to close at $14.92 apiece, as investors took heart from the encouraging results from Lonvo-Z, its treatment candidate for hereditary angioedema (HAE).
In a report over the weekend, Intellia Therapeutics Inc. (NASDAQ:NTLA) said that Lonvo-Z met its primary endpoint, with an 87 percent reduction in mean monthly attacks in the Lonvo-Z arm vs. the placebo group, from weeks 5 to 28.
Of the enrolled patients, 62 percent in the Lonvo-Z arm were entirely attack-free and therapy-free for the six-month efficacy evaluation period, compared with 11 percent of patients in the placebo arm.
The treatment candidate also showed favorable safety and tolerability data.
“These are the first Phase 3 results to deliver on the much-heralded promise of in vivo CRISPR gene editing,” Intellia Therapeutics Inc. President and CEO John Leonard said.
“Regardless of age or prior use of long-term prophylaxis therapies, it was observed that a single Lonvo-z treatment significantly reduced HAE attacks for all patients during the efficacy evaluation period, with all patients remaining LTP-free as of the data cutoff. We thank the many patients, physicians, and caregivers who participated in HAELO and are excited to be advancing this highly differentiated candidate toward a potential approval.”
Intellia Therapeutics Inc. said that it remains on track to launch the treatment in the first half of 2027. A rolling biologics license application was submitted in April to the US Food and Drug Administration.
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