Ten stocks boasted easy double-digit gains on Wednesday, bucking a mixed performance on Wall Street, as investors resumed buying positions with optimism bolstered by strong corporate earnings. Of the 10 stocks, eight notably notched new record highs.
In contrast, Wall Street’s three major indices finished mixed, with the S&P 500 and the Nasdaq the only gainers, up 0.58 percent and 1.20 percent, respectively. The Dow Jones, on the other hand, dropped 0.14 percent.
In this article, we spotlight the 10 big names that performed well on Tuesday and break down the reasons behind their gains.
To come up with the list, we considered the stocks with a $2 billion market capitalization and 5 million shares in trading volume.
Photo by Tima Miroshnichenko on Pexels
10. Lightwave Logic Inc. (NASDAQ:LWLG)
Lightwave Logic rebounded on Wednesday to hit a fresh all-time high, as investors repositioned portfolios ahead of its earnings outcome, which came out shortly after market close.
In intra-day trading, the stock climbed to its highest price of $18.71 before trimming gains to end the session just up by 14.34 percent at $18.22 apiece.
The rally was primarily driven by expectations of strong earnings, following the impressive performance of peers riding the AI wave, amid the ongoing shortage of AI-related components such as semiconductors and photonics.
In other news, Lightwave Logic Inc. (NASDAQ:LWLG) earlier this month announced that its high-speed modulator platform is now available as part of the GDSFactory process design kit, which GlobalFoundries uses for its silicon photonics manufacturing platform.
Lightwave Logic Inc. said that it partnered with GDSFactory for the integration of its polymer-based modulator technology into the GDSFactory PDK, enabling customers to incorporate high-speed electro-optic polymer modulators directly into their photonic integrated circuit designs for tape-out on GF’s silicon photonics platform.
The expanded PDK and integrated design flow support simulation, verification, and fabrication handoff within the GDSFactory environment, providing a manufacturable pathway from design to foundry execution.
9. Vishay Intertechnology Inc. (NYSE:VSH)
Vishay Intertechnology climbed to a nearly 26-year high on Wednesday after swinging to profits in the first three months of the fiscal year and posting a highly optimistic outlook for the second quarter.
In intra-day trading, the stock jumped to its highest price of $40.06 before trimming gains to end the session just up by 14.48 percent at $38.50 apiece. The last time it touched the said level was in June 2000.
In an earnings call during the day, Vishay Intertechnology Inc. (NYSE:VSH) said that it swung to a net income of $7.16 million in the first three months ending April 4, reversing a $4.09 million net loss in the same quarter a year earlier.
Net revenues increased by 17 percent to $839 million from $715 million year-on-year, amid the continued strong demand for semiconductors.
“Vishay’s first quarter financial results demonstrate that the Vishay 3.0 strategy is working,” Vishay Intertechnology Inc. President and CEO Joel Smejkal said, referring to a 2024 restructuring initiative designed to optimize manufacturing footprint and streamline business decision making.
“Our top priority going forward is to increase backlog turns to ensure we maintain competitive lead times as consumption accelerates. Execution of this priority will enable Vishay to participate fully in the market upcycle and grow revenue faster than our end markets, expand margins, and enhance returns,” he noted.
For the second quarter, Vishay Intertechnology Inc. is targeting to grow its revenues between 14.8 percent and 18.7 percent to a range of $875 million to $905 million, versus the $762.3 million posted in the same period last year.
Gross profit margin is expected at a midpoint of 22 percent, plus or minus 50 basis points, as compared with the 19.5 percent year-on-year.
8. Nebius Group NV (NASDAQ:NBIS)
Nebius Group bounced back on Wednesday to hit a new all-time high, as investors cheered its stellar earnings performance in the first quarter of the year, having swung to profitability and surging its revenues by more than 7 times.
In intra-day trading, the stock soared to its highest price of $217.34 before paring gains to end the session just up by 15.72 percent at $207.27 apiece.
During its earnings call, Nebius Group NV (NASDAQ:NBIS) said that it swung to a net income of $621.2 million from a $104.3 million net loss in the same period last year.
Revenues soared by 684 percent to $399 million from $50.9 million year-on-year.
“We continue to see unprecedented demand across the market. Compute and cloud needs are vastly exceeding capacity as more industries embrace AI and companies move beyond experimentation to real-world applications. We are seeing this demand first-hand, and are capturing it with our full-stack AI-native cloud,” Nebius Group NV CEO Arkady Volozh said, adding that such achievements are setting the company up for continued success.
“The future is very bright, and we have a long and exciting journey ahead,” he noted.
During the period, it can be recalled that Nebius Group NV clinched two major billion-dollar deals—a $27 billion dedicated capacity for Meta Platforms, and a $2 billion investment and partnership with Nvidia Corp.
7. Aurora Innovation Inc. (NASDAQ:AUR)
Aurora Innovation climbed to a new 52-week high on Wednesday, as investors welcomed the commercial launch of a self-driving truck between one of its partners and a leading global transport and logistics company.
At intra-day trading, the stock surged to a record high of $8.56 before paring gains to end the session just up by 16.34 percent at $8.40 apiece.
In a statement, Aurora Innovation Inc. (NASDAQ:AUR) said that its partner, Volvo Autonomous Solutions (VAS), officially launched alongside DSV, long-range self-driving freight operations through the Volvo VNL, which was built on Aurora’s Driver technology.
Aurora Innovation Inc. said that the trucks will transport services between Dallas and Houston, Texas, with an aim to expand to other areas over time.
During the initial phase, a safety driver will remain present in the vehicle in line with Volvo’s current operational mode.
For Aurora Innovation Inc.—whose stock soared to a record high of $8.56 at intra-day trading before trimming gains to end the session just up by 16.34 percent at $8.40 apiece—the commercial launch strengthened adoption for autonomous driving and the growing optimism for its self-driving technology.
In other news, Aurora posted a 7 percent higher net loss in the first quarter of the year, at $223 million versus the $208 million in the same period last year. It also incurred a $1 million revenue during the period, versus none in the comparable period.
6. Wolfspeed Inc. (NYSE:WOLF)
Wolfspeed extended its winning streak to a 7th consecutive day on Wednesday to hit a fresh all-time high, as investors increased their exposure to the stock after Citrini Research posted a highly optimistic outlook for the company.
In a market note, Citrini recommended the stock, describing Wolfspeed Inc. (NYSE:WOLF) as the platonic ideal that dipped into bankruptcy after aggressively expanding capacity to cover demand that did not materialize.
However, it said that the post-bankruptcy setup now looks highly attractive.
Following the report, Wolfspeed Inc. saw its share prices climb to a record high of $73.54, before paring gains to end the session just up by 16.53 percent at $62.60 apiece.
In recent news, Wolfspeed Inc. said that it slashed its net losses by 58 percent in the three months ending March 2026, at $119.9 million versus $285.5 million in the same period last year.
Revenues declined by 18.9 percent to $150.2 million from $185.4 million year-on-year, but fell within its earlier guidance of $140 million to $160 million.
CEO Robert Feurle said that Wolfspeed Inc. continued to make meaningful progress against its priorities, improving long-term growth trajectory and financial flexibility to execute strategic priorities.
Looking ahead, the company expects to generate revenues of $140 million to $160 million for the fourth quarter ending June 2026, or a decline of 18.8 percent to 29 percent from the $197 million posted in the same comparable period.
Operating expenses are projected to remain flat on a quarter-on-quarter basis, while gross margins are expected to end in the red.
5. Applied Optoelectronics Inc. (NASDAQ:AAOI)
Applied Optoelectronics notched a fresh all-time high on Wednesday following a three-day winning streak, after clinching a new partnership with Mediacom for the supply of three products in support of the latter’s aim to upgrade its network.
In intra-day trading, the stock climbed to its highest price of $233.67 before paring gains to end the session just up by 18.49 percent at $223.10 apiece.
In a press release, Applied Optoelectronics Inc. (NASDAQ:AAOI) said that it would supply Mediacom with three products from its broadband networking portfolio, including the QuantumLink Remote Management and Monitoring Software, the Quantum18 MB 1.8GHz Amplifier, and the Quantum18 BLE 1.8GHz Line Extender, in line with the latter’s plans to boost its download and upload speeds for its 1 million household customers by the end of the year.
The expansion initiative is targeted to be accomplished through a distributed access architecture (DAA) with DOCSIS 4.0 technology, fiber expansion, and a whole-home Wi-Fi solution powered by eero 7 technology.
Applied Optoelectronics Inc. said that its exclusive distribution partner, Digicomm International, has begun logistics services from its stocking distribution center in Englewood, Colorado, effective immediately.
“Mediacom is on the fast track to prove what the power of DOCSIS 4.0 can do to transform the future of broadband,” said Todd McCrum, Senior Vice President and General Manager for Applied Optoelectronics Inc.’s Broadband Access Business.
“Together, we are establishing a new model for building edge-led architecture that can scale to deliver gigabit speeds for a fiber-like performance over existing coax, giving Mediacom subscribers the internet experience they want today, without waiting for full fiber rollouts,” he noted.
4. Tower Semiconductor Ltd. (NASDAQ:TSEM)
Tower Semiconductor soared to a new 25-year high on Wednesday, after clinching more than $1.3 billion in silicon photonics (sipho) supply deals and posting a stellar earnings performance in the first quarter of the year.
In intra-day trading, the stock climbed to its highest price of $271.92 before trimming gains to finish the session just up by 22.61 percent at $270.77 apiece.
In an updated report, Tower Semiconductor Ltd. (NASDAQ:TSEM) said that it signed contracts with its largest customers for the supply of silicon photonics, amounting to $1.3 billion, of which $290 million was prepaid for capacity reservation.
The rally was further helped by announcements that the commitments were further reinforced by an even larger contractual wafer deal for 2028, for which additional associated prepayments are due by January 2027.
In line with the demand growth, Tower Semiconductor Ltd. is ramping up its worldwide multi-fab SiPho capacity to achieve the targeted model of $2.8 billion revenue with $750 million net profit in 2028.
In other news, Tower Semiconductor Ltd. reported a stellar earnings performance in the first quarter of the year, with attributable net profits surging by 62.5 percent to $65 million from only $40 million in the same period last year. Revenues grew by 15 percent to $413.6 million from $358.17 million year-on-year.
3. VNET Group Inc. (NASDAQ:VNET)
VNET Group soared by 25.06 percent on Wednesday to end at $11.28 apiece, as investors repositioned portfolios ahead of the results of its earnings performance in the first quarter of the year.
In a notice to investors, VNET Group Inc. (NASDAQ:VNET) said that it is scheduled to report its financial and operating highlights before market open on Tuesday, March 26. A conference call will be held to elaborate on the results.
In other news, VNET Group Inc. announced the entry of two strategic investors—PJ Millennium I Ltd. and PJ Millennium II Ltd.—following their successful acquisition of a 38.1 percent stake in the company for a total of $942 million.
The transaction covered 650.4 million Class A shares at a price of $1.4486 apiece, and was acquired from Success Flow International Investment Ltd. and Choice Faith Group Holdings Ltd.
In line with the investment, VNET Group Inc. sealed an investor rights agreement with the two firms, as well as a voting and consortium agreement with Chairman and interim CEO Josh Sheng Chen, both of which will become effective upon the closing of the proposed investment.
“We are pleased to welcome our new strategic investors and greatly appreciate their strong support for VNET and our long-term vision. Looking ahead, we will work closely with our strategic partners to deepen collaboration across technology and supply chains, and to jointly advance original, end-to-end innovation across the next generation of the AIDC industry,” Chen said.
2. Ouster Inc. (NASDAQ:OUST)
Ouster extended its winning streak to a fourth consecutive day on Wednesday, climbing 26.09 percent to close at $34.17 apiece, as investors cheered the qualification of its Rev8 OS digital lidar sensor family on Nvidia Corp.’s open-reference platform for autonomous vehicles.
In a statement, Ouster Inc. (NASDAQ:OUST) said that its Rev8 OS met the requirements of Nvidia DRIVE Hyperion’s sensor qualification process, which could support automotive developers from their initial development to full-scale deployment, and aid with high-quality data necessary to both train next-generation world models and enable safer autonomous navigation at scale, among others.
“Ouster’s work with NVIDIA DRIVE centers on providing the high-performance sensing required for the next generation of autonomous vehicles,” Ouster Inc. CEO Angus Pacala said.
“With Rev8 compatibility on the NVIDIA DRIVE Hyperion platform, automotive customers around the world can benefit from superior range and resolution, along with the world’s first native color lidar, to enhance safety and performance in the real world,” he noted.
Ouster Inc. is a leader in sensing and perception for Physical AI across industrial, robotics, automotive, and smart infrastructure. In the first quarter of the year, it narrowed its net loss by 20.6 percent to $17.46 million from $22 million in the same period last year. Total revenues increased by 49 percent to $48.58 million from $32.6 million year-on-year.
1. Fervo Energy Company (NASDAQ:FRVO)
Fervo Energy soared by 35.33 percent in its first day as a publicly listed company, thanks to the strong investor appetite for stocks riding the AI wave.
During the session, the stock opened the day at $36, marking an immediate jump of 33.3 percent from its initial public offering (IPO) price of $27, and soared by as much as 42 percent at $38.40 apiece.
The rally was primarily driven by the continued demand growth for energy services from the rapidly growing artificial intelligence sector.
Fervo Energy Company (NASDAQ:FRVO) successfully raised $1.89 billion in fresh funds from the sale of 70 million shares, propelling its valuation to more than $10 billion.
According to the company, it intends to use the net proceeds for general corporate purposes, including capital expenditures, continued development of its GeoClusters, and expansion of its land holdings portfolio, while the balance will be used for working capital and other operating expenses.
Fervo Energy Company is a startup energy company engaged in the development of geothermal power sources. It is underway with the development of the Cape Station in Utah, which is targeted to become the world’s largest next-generation geothermal project, with power already set to be supplied to Southern California Edison and Shell, among others.
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