Ten companies boasted strong double-digit gains on Wednesday, crushing a mixed broader market, as investor funds continued to pile into stocks benefiting from the booming AI sector. Five notably propelled to fresh all-time highs.
On Wall Street, only the S&P 500 and the Nasdaq finished in the green, up 0.40 percent and 0.66 percent, respectively. The Dow Jones was down by 0.04 percent.
In this article, we focus on the 10 names that led Wednesday’s charge and detail the reasons behind their gains. To come up with the list, we focused exclusively on mid-cap stocks with at least $2 billion in market capitalization and 5 million shares in trading volume.
A man analyzing stock market data. Photo by Tima Miroshnichenko on Pexels
10. Sandisk Corp. (NASDAQ:SNDK)
Sandisk rallied to a new all-time high on Wednesday, as investors took heart from a price target upgrade from three investment companies, while cheering the softening trade tensions between the US and China.
In intra-day trading, Sandisk Corp. (NASDAQ:SNDK) rallied to its highest 52-week price of $144.55 before ending the day up by 13.36 percent at $144.30 apiece.
Of the three analyses released earlier this week, Goldman Sachs gave the most bullish stance, raising its price target by 154 percent to $140 from $55 previously, while maintaining a “buy” recommendation.
Citigroup, for its part, raised its price target by 30 percent to $150 from $115 previously, similarly giving a “buy” recommendation.
Meanwhile, Wells Fargo increased its price target for Sandisk Corp. (NASDAQ:SNDK) by 130 percent to $115 from $50 previously, but was only “equal weight” on the stock.
In other news, Sandisk Corp. (NASDAQ:SNDK) was scheduled to announce the results of its first quarter earnings performance for the fiscal year 2026 on November 6, 2025.
9. Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX)
Recursion Pharmaceuticals extended its winning streak to a third straight day on Wednesday, jumping 15.28 percent to close at $6.79 apiece as investors loaded portfolios following a recently concluded major AI conference in Dubai.
On Wednesday, Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) cofounder and CEO Chris Gibson spoke at the event, where he tackled how AI was shaping the company’s future direction, specifically, its approach to generating data, automating experiments, and using AI and machine learning for its discoveries.
Additionally, Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) Chief Research and Development Officer Najat Khan is expected to take part in an upcoming virtual summit, “The State of AI in Drug Discovery” on October 29, where he and fellow Boltz-2 developers from the Massachusetts Institute of Technology will talk about the democratization of small molecule drug discovery.
Boltz-2 is the first biomolecular co-folding model to combine structure and binding affinity prediction, approaching the accuracy of physics-based free energy perturbation (FEP) calculations but at speeds up to 1000x faster in standard benchmarks.
8. Applied Optoelectronics, Inc. (NASDAQ:AAOI)
Applied Optoelectronics surged by 15.7 percent on Wednesday to finish at $32.95 apiece as investors snapped up shares in more companies that would largely benefit from the booming artificial intelligence (AI) industry.
Following a flurry of dealmaking activities over the past few weeks, Applied Optoelectronics, Inc. (NASDAQ:AAOI) appeared to have attracted investor interest amid its relatively cheaper valuation compared with its peers, alongside rosy prospects posed by the AI wave.
Applied Optoelectronics, Inc. (NASDAQ:AAOI) is a leading developer and manufacturer of advanced optical products, including components, modules, and equipment vital for large cloud and hyperscale data center operators, among others, and stands to benefit from the strong demand for data centers.
In recent news, Applied Optoelectronics, Inc. (NASDAQ:AAOI) showcased its 100G VCSEL technology with the demonstration of an 800G OSFP 2xSR4 multimode optical transceiver. The new product delivers a cost-efficient, low-power optical solution designed for the next generation of short-reach multimode links.
7. Fluence Energy Inc. (NASDAQ:FLNC)
Fluence Energy extended its winning streak to a third consecutive day on Wednesday, surging 16.21 percent to finish at $21.44 apiece, fueled by a newly clinched partnership with Torch Clean Energy for the development of a 160-MW solar project with a battery energy storage system in Arizona.
In a statement, Fluence Energy Inc. (NASDAQ:FLNC) said it committed to supply the project with its advanced Gridstack Pro 5000 energy storage solution, with delivery expected in early 2027.
The project features two 80 MW solar arrays, which are expected to support the energy needs and economic development in Cochise County, Arizona.
“This facility is a great step toward ensuring affordable, reliable, and secure power for the local community and will support regional economic activity and expected load growth for many years to come,” said John Zahurancik, president of Fluence Americas, a unit of Fluence Energy Inc. (NASDAQ:FLNC).
For its part, Torch Clean Energy said it was excited to partner with Fluence Energy Inc. (NASDAQ:FLNC) to manufacture the energy storage system for its project.
“The Gridstack Pro 5000 will allow us to shift cost-effective solar generation to be dispatched when the grid needs it most,” said Torch Clean Energy President Travis Haggard.
6. Hims & Hers Health, Inc. (NYSE:HIMS)
Hims & Hers soared by 16.18 percent on Wednesday to end at $62.76 apiece as investors cheered the company’s optimism that it would surpass its $1 billion revenue target from women’s health alone in 2026.
This followed the official launch of new menopause and perimenopause treatment plans tailored to women’s health history and personal preferences.
For eligible customers, personalized menopause and perimenopause treatment plans may include prescription medications in the form of pills, patches, or creams, while treatments for eligible customers may include estradiol—a hormone naturally made in the body—to help alleviate symptoms of menopause like hot flashes and night sweats, and progesterone, which helps protect the uterine lining and improve sleep quality.
With Hims & Hers Health, Inc. (NYSE:HIMS) serving more than half a million subscribers, the new product is expected to support its Hers revenue target in 2026.
“Transforming the healthcare experience for women starts with increasing access to providers who are trained specifically in caring for women at every life stage. As one of the largest digital health platforms, we can help change the way women experience healthcare and thrive,” said Hers Chief Medical Officer Jessica Shepherd.
5. NuScale Power Corporation (NYSE:SMR)
NuScale Power propelled to a new all-time high on Wednesday as investors gobbled up shares following the US Army’s newly launched program for the deployment of small modular reactors in the country.
During the trading session, NuScale Power Corporation (NYSE:SMR) soared to its highest price of $56.16 before trimming gains to end the day just up by 16.68 percent at $53.43 apiece.
On Wednesday, the US Army officially unveiled the “Janus Program,” which supports President Donald Trump’s executive order in May this year for the development of nuclear reactors in the country. Investors speculated that the agency could tap nuclear reactor operators, including NuScale Power Corporation (NYSE:SMR), for the project.
The Department of Defense was ordered to have a reactor fully operational no later than September 30, 2028.
In other news, investors also gobbled up shares in NuScale Power Corporation (NYSE:SMR) and other nuclear technology stocks, having been tied to JPMorgan’s $1.5 trillion security and resiliency investment program.
According to JPMorgan, diversified sources of energy production and the modernization and resiliency of the grid “will be imperative to the national interest and advancing artificial intelligence.”
4. Hillenbrand Inc. (NYSE:HI)
Hillenbrand extended its winning streak to a third consecutive day on Wednesday, surging 18.20 percent to finish at $31.31 apiece, as investors snapped up shares following announcements that it would merge with Lone Star Funds for $3.8 billion.
In a statement, Hillenbrand Inc. (NYSE:HI) said it entered into a definitive agreement with Lone Star for the sale of all of its issued and outstanding shares at a price of $32 apiece. Upon completion of the tender offer, Hillenbrand Inc. (NYSE:HI) will cease to trade on the New York Stock Exchange.
The acquisition price marked a 20-percent premium over Hillenbrand Inc.’s (NYSE:HI) Tuesday closing price of $26.49, prior to the official announcement, as well as a 53-percent upside from the 90-day volume-weighted average price of $23.43 on August 12, 2025.
Hillenbrand Inc. (NYSE:HI) said the entire transaction will be fully paid in cash and expected to close in the first quarter of 2026, subject to closing conditions, including shareholder and other regulatory approvals.
3. Microvast Holdings Inc. (NASDAQ:MVST)
Microvast climbed for a third straight day on Wednesday to reach a new all-time high, as investors gobbled up shares in battery companies after China imposed new restrictions on lithium batteries.
In intra-day trading, Microvast Holdings Inc. (NASDAQ:MVST) surged to its highest price of $6.41 before trimming gains to end the day just up by 19.05 percent at $6.25 apiece.
According to China’s Ministry of Commerce, the country would impose export controls on certain items related to lithium batteries and synthetic graphite anode materials beginning Nov. 8, 2025, in a bid to safeguard national security.
As with past restrictions on other goods, the new rules would likewise require battery companies to obtain licenses from the ministry before being allowed to export China-made goods.
The restrictions sparked good news for other battery companies, including Microvast Holdings Inc. (NASDAQ:MVST), as consumers are expected to look elsewhere to secure supply.
Microvast Holdings Inc. (NASDAQ:MVST) is a battery technology company engaging in the design, development, and production of lithium-ion battery solutions for electric vehicles (EVs) and energy storage systems.
2. Navitas Semiconductor Corp. (NASDAQ:NVTS)
Navitas rallied for a 5th straight day on Wednesday to jump to a new all-time high as investor sentiment was bolstered by the launch of a new semiconductor capable of supporting Nvidia Corp.’s 800-volt direct current (VDC) system for the next-generation artificial intelligence (AI).
In intra-day trading, the stock climbed to its highest price of $15.43 before trimming gains to end the session just up by 20.60 percent at $15.16 apiece.
In a statement earlier this week, Navitas Semiconductor Corp. (NASDAQ:NVTS) unveiled its GaNFast and GeneSic technologies, both capable of providing unprecedented levels of power density, efficiency, and scalability for the 800-volt direct current (VDC) system.
“As NVIDIA drives transformation in AI infrastructure, we’re proud to support this shift with advanced GaN and SiC power solutions that enable the efficiency, scalability, and reliability required by next-generation data centers,” Navitas Semiconductor Corp. (NASDAQ:NVTS) President and CEO Chris Allexandre said.
“[With] the industry [moving] rapidly toward megawatt-scale AI computing platforms, the need for more efficient, scalable, and reliable power delivery becomes absolutely critical. The transition … to 800 VDC is not just evolutionary, it’s transformational,” he added.
1. Bitdeer Technologies Group (NASDAQ:BTDR)
Bitdeer bounced back from losses to hit a new all-time high on Wednesday, as investors cheered its stellar Bitcoin mining performance last month, markedly improving its operations by 20.5 percent.
During the session, the stock jumped to its highest 52-week price of $27.8 before trimming gains to end the day just up by 28.73 percent at $25.90 apiece.
Late on Tuesday, Bitdeer Technologies Group (NASDAQ:BTDR) announced that it was able to mine 452 Bitcoins in September, a significant increase from the 375 Bitcoins mined in August this year.
This followed an improvement in its self-mining operations, achieving 35 EH/s in the said period versus 30 EH/s the month earlier.
According to the company, it was on track to reach 40 EH/s by the end of October, and thereafter will continue to deploy Sealminer mining rigs for self-mining while concurrently retiring all third-party, older-generation rigs to further enhance profitability and fleet efficiency.
Bitcoin mining aside, Bitdeer Technologies Group (NASDAQ:BTDR) also reiterated plans to expand its high-performance computing (HPC) and data center business, as it looks to ride the booming AI industry.
“Our expanded initiatives include negotiating directly with potential tenants, building relationships with EPCs specializing in data centers, developing proprietary AI data centers, and hiring in-house experts across multiple AI data center disciplines. In parallel, we are accelerating the development of additional sites for HPC/AI data centers at our Clarington, Tydal, and Wenatchee sites. This push is driven by a marked increase in inbound interest in our power assets, which has become a strong catalyst for expanding our efforts,” said Bitdeer Technologies Group (NASDAQ:BTDR) Chief Business Officer Matt Kong.
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