Ten stocks posted eye-popping gains on Thursday, as investors digested a flurry of industry developments, including the US government’s financial backing, sparking buying appetite for key players in the sector.
The stocks mirrored a broader market optimism, with the Dow Jones leading gains by 0.55 percent. The S&P 500 and the Nasdaq also finished in the green, albeit picking up by merely 0.17 percent and 0.09 percent, respectively.
Indices aside, this article focuses on the 10 top-performing names on Thursday and breaks 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.
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10. AXT Inc. (NASDAQ:AXTI)
AXT Inc. climbed by 15.69 percent on Thursday to close at $121.02 apiece, in line with its participation at a conference during the day.
Investors loaded portfolios in anticipation of business updates from its participation in the 26th Annual B. Riley Securities Institutional Investor Conference in Los Angeles, California, on the same day.
It will be followed by the 23rd Annual Craig-Hallum Institutional Investor Conference in Minneapolis on May 28. It would also join the Northland Securities Virtual Growth Conference on June 23.
Investors are expected to watch out for the company’s outlook and growth guidance for the rest of the year, after it adjourned its Annual Stockholders’ Meeting last week due to the lack of a quorum.
In other news, AXT Inc. (NASDAQ:AXTI) earlier this month announced a huge improvement to its earnings performance for the first quarter of the year, with attributable net loss slashed by 81 percent to $1.62 million from $8.798 million in the same period last year. The drop was due to an 84 percent decrease in operating loss, at $1.585 million versus $10.275 million year-on-year.
Revenues also surged by 39 percent to $26.9 million from $19.3 million year-on-year.
Looking ahead, AXT Inc. posted a highly optimistic outlook about its business, with the company expecting to ride the booming artificial intelligence industry through a strong demand from data center operators.
9. Arm Holdings PLC (NASDAQ:ARM)
Arm Holdings notched a fresh all-time high anew on Thursday, as investors resumed buying positions after it earned an analyst’s highly optimistic outlook, with the company’s profits expected to grow fivefold over the next four years.
In intra-day trading, Arm Holdings PLC (NASDAQ:ARM) climbed to a new high of $298.69 before trimming gains to end the session just up by 16.16 percent at $298.23 apiece, thanks to Bernstein’s outperform rating for its stock, alongside a $300 price target.
In a market note earlier in the week, Bernstein said that the coverage was based on the belief that Arm Holdings PLC is capable of growing its profits fivefold by 2030, amid the renaissance of CPUs for agentic AI, given the rapid shift from chatbot to AI agents.
Bernstein also noted that Arm Holdings PLC is expected to capture a fourfold increase in CPU market share over the next four years to hit $137 billion.
“Arm stands out in server CPUs given its unparalleled power efficiency,” the investment firm said.
In other news, Arm Holdings PLC reported a 49 percent jump in its net income in the fourth quarter of fiscal year 2026 to $313 million from $210 million in the same period last year. Revenues also increased by 20 percent to $1.49 billion from $1.241 billion.
For the first quarter of fiscal year 2027 ending June, the company has set a revenue outlook of $1.26 billion, plus or minus $50 million. This would imply a 19.6 percent jump from the $1.053 billion reported in the same period a year earlier.
8. Enphase Energy Inc. (NASDAQ:ENPH)
Enphase Energy notched a new 52-week high on Thursday, as investors resumed buying positions after the company earned a bullish rating and a double-digit price target upgrade from Goldman Sachs.
In intra-day trading, the stock climbed to a fresh record high of $63.27 before trimming gains to end the session just up by 17.29 percent at $62.34 apiece.
In a market note earlier in the week, Goldman Sachs upgraded its price target for Enphase Energy Inc. (NASDAQ:ENPH) by 11.8 percent to $57 from $51 previously, while maintaining a “buy” recommendation.
The positive coverage came amid the looming July 4 deadline for a federal solar tax credit, under which projects must begin construction and equipment must be safely harbored by the deadline for developers to qualify for a 30-percent incentive. This is expected to boost sales of solar and technology companies on the expectation that customers would scramble to place their orders prior to the deadline to qualify for the incentive.
In other news, Enphase Energy Inc. on Monday unveiled a new PowerMatch technology for two IQ Battery systems—a 5P and a 10c—which intelligently adjust IQ battery operations to match a home’s real-time power needs.
The 10C variant is available for sale in the US and Puerto Rico, while the 5P is now for sale across North America and select countries in Central America and the Caribbean.
Enphase Energy Inc. said that the two products would help deliver more usable energy, improved efficiency, and long-term savings for its customers.
7. Wolfspeed Inc. (NYSE:WOLF)
Wolfspeed climbed by 18.56 percent on Thursday to close at $69.50 apiece, as investors welcomed the launch of two new power module families designed to address the power needs of AI data centers.
In a statement, Wolfspeed Inc. (NYSE:WOLF) unveiled the 3.3kV silicon carbide (SiC) high-power half-bridge baseplate modules designed for greater than 800 amp applications and optimized for demanding converter topologies for solar, grid-scale energy storage, and wind-power infrastructures.
It also introduced the scalable full-bridge baseplate-less modules for solid-state transformers (SSTs) and modular renewable energy infrastructure, engineered for modularity, offering flexibility to configure multi-level, series-stacked, or parallel converter architectures with consistent, matched performance.
In other 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.
6. Quantum Computing Inc. (NASDAQ:QUBT)
Quantum Computing rallied for a second day on Thursday, jumping 19.35 percent to finish at $11.41 apiece, after earning the backing of the US government for the development of supercomputers in a bid to solve some of the world’s most pressing problems.
Under the CHIPS and Science Act, the US Department of Commerce is shelling out over $2 billion in federal incentives to support a portfolio of quantum companies in accelerating the development of utility-scale, fault-tolerant quantum computers.
Of the $2 billion, nine companies are set to receive a slice of the total amount, with IBM taking home the largest chunk, at $1 billion, followed by GlobalFoundries with $375 million. Other companies included D-Wave, Rigetti, Atom, Diraq, Infleqtion, PsiQuantum, and Quantinuum.
While Quantum Computing Inc. (NASDAQ:QUBT) was not a direct beneficiary, the US government’s initiative sparked a broader optimism for the overall quantum sector, having been seen as an industry practically useful decades away.
In other news, Quantum Computing Inc. reported a dismal earnings performance in the first quarter of the year, having incurred a $4.05 million net loss, or a reversal of the $16.98 million net income in the same period last year.
Total revenues markedly jumped by 9,364 percent to $3.69 million from only $39,000 year-on-year.
5. Birkenstock Holding plc (NYSE:BIRK)
Birkenstock extended its winning streak to a fourth consecutive day on Thursday, jumping 19.45 percent to close at $39.67 apiece, after executing a $250-million accelerated share buyback agreement with Goldman Sachs.
In a regulatory filing, the shoemaker said that it entered into an agreement with Goldman Sachs for the repurchase of its shares at a price of $33.21 apiece.
Under the agreement, Goldman will make an initial delivery of 6 million shares, representing 80 percent of the total, with the final number of shares yet to be determined. However, based on the set purchase price, Birkenstock Holding plc (NYSE:BIRK) is set to receive over 7.5 million shares from the transaction.
Birkenstock Holding plc (NYSE:BIRK) said that it intends to fund the buyback through a combination of cash on hand and a revolving credit facility. It expects to close the transaction before June 30, 2026.
“Short-term market dynamics have resulted in what we believe is a strong disconnect between our share price and the strength of our underlying fundamentals,” Birkenstock Holding plc (NYSE:BIRK) CEO Oliver Reichert said.
”We believe deploying our substantial cash position toward repurchasing our own shares represents the most attractive use of capital in the current environment. Given the volatile environment of the capital markets, we will continue evaluating market conditions to take advantage of further opportunities for share repurchases in the future,” he noted.
The agreement is not guaranteed and is subject to certain customary adjustments and termination provisions.
4. Applied Digital Corp. (NASDAQ:APLD)
Applied Digital soared to a fresh all-time high on Thursday, as investors gobbled up shares after the company clinched a new data center lease agreement with the potential to bring total leasing revenues across its AI data center portfolio to up to $73 billion.
This followed an expanded partnership with an existing US-based hyperscaler for the lease of its Polaris Forge 3, with the potential to rake in $18.2 billion in revenues if all renewal options are exercised. The base contract alone is expected to generate $7.5 billion in revenues.
Following the news, shares of Applied Digital Corp. (NASDAQ:APLD) climbed to its highest price of $48.57 at intra-day trading before trimming a few cents to end the session up by 21.51 percent at $48.02 apiece.
According to Applied Digital Corp., the customer was the same tenant associated with the Delta Forge 1 lease.
The Polaris Forge 3 alone is designed to deliver 300 MW of critical IT load, supported by approximately 430 MW of grid-connected utility power.
“Polaris Forge 3 is a direct extension of what we’ve proven works: a disciplined, repeatable AI Factory model that delivers large-scale capacity to the world’s most demanding compute customers,” Applied Digital Corp. Chairman and CEO Wes Cummins said.
“This … reflects the confidence we’ve built through disciplined execution and our ability to consistently advance large-scale AI infrastructure projects. We’ve earned a seat at the table with blue-chip customers, and we intend to keep that position through flawless execution and long-term operational reliability,” he noted.
3. Rigetti Computing Inc. (NASDAQ:RGTI)
Rigetti Computing climbed by 30.57 percent on Thursday to close at $22.04 apiece, as investors snapped up shares after the company earned the backing of the US government in support of developing quantum computers to solve some of the world’s most pressing problems.
On the same day, the Department of Commerce announced that it would shell out $2.013 billion in federal incentives for nine companies to support the government’s CHIPS and Science Act.
The said funds would support the development of seven quantum computing companies and two domestic global foundries to accelerate the creation of quantum computers to help solve complex problems.
The companies include Rigetti Computing Inc. (NASDAQ:RGTI), D-Wave, Atom, Diraq, Infleqtion, PsiQuantum, and Quantinuum, while the two foundry companies are IBM and GlobalFoundries.
Rigetti Computing Inc. alone will receive up to $100 million to address key technical challenges to develop and scale next-generation superconducting quantum computing technologies and architectures, such as miniaturizing and integrating novel readout electronics and next-generation cryostat architectures.
Meanwhile, IBM took the largest chunk at $1 billion, followed by GlobalFoundries at $375 million.
“Quantum computing will have far-reaching impacts on our nation’s national security, economic interests, and overall prosperity,” Rigetti Computing Inc. CEO Subodh Kulkarni said.
“We are honored that the US government is seeking to partner with Rigetti to accelerate the pace of quantum computing commercialization and to bolster U.S. leadership in this revolutionary field. This investment will allow us to tackle key scaling bottlenecks more rapidly and get us closer to utility-scale quantum computing,” he noted.
2. Infleqtion Inc. (NYSE:INFQ)
Infleqtion climbed by 31.48 percent on Thursday to close at $14.70 apiece, as investors gobbled up shares after being named as one of the beneficiaries in the US government’s $2 billion quantum computing and chips support program.
The Department of Commerce announced on the same day that it would shell out $2 billion for nine companies in support of the government’s aim to develop quantum computers to solve some of the world’s pressing problems.
Infleqtion Inc. (NYSE:INFQ) alone will receive $100 million in planned funding to help develop the underlying engineering systems and integration requirements for large-scale neutral-atom-based quantum computers and architectures, including high-powered optical systems, novel readout, and error correction systems.
Apart from Infleqtion Inc., other companies also include Rigetti, D-Wave, Atom, Diraq, PsiQuantum, and Quantinuum. Meanwhile, GlobalFoundries and IBM also received financial backing, with the latter taking up the largest slice at $1 billion, followed by the former at $375 million.
“Quantum computing is emerging as a foundational technology for economic competitiveness, technological leadership, and national security,” Infleqtion Inc. CEO Matt Kinsella said.
“This investment reflects the transformative potential of quantum innovation, and we’re honored to work with the Department of Commerce to accelerate US leadership in quantum computing,” he noted.
1. D-Wave Quantum Inc. (NYSE:QBTS)
D-Wave soared by 33.37 percent on Thursday to close at $25.74 apiece, as investor sentiment was bolstered by the US government’s $2 billion in support to quantum and chipmakers, with the company named as one of the few beneficiaries.
The Department of Commerce announced on the same day that it will shell out $2 billion in financial backing to nine companies, including seven quantum computing firms and two in the chip sector.
D-Wave Quantum Inc. (NYSE:QBTS) was among the selected firms, receiving $100 million in planned funding to support 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.
Other companies include Rigetti, Atom, Diraq, Infleqtion, PsiQuantum, and Quantinuum. In the chip sector, IBM and GlobalFoundries won a $1 billion and $375 million in funding awards.
The program is aimed at supporting companies critical to the development of quantum computers in a bid to solve the world’s most challenging problems.
“We believe that the US government’s strategic investment in D-Wave would advance the country’s global leadership position in quantum computing,” D-Wave Quantum Inc. CEO Alan Baratz said.
“The award would accelerate D-Wave’s ability to scale quantum innovation domestically, expedite key fabrication processes, and deliver real-world quantum applications to our global customers today. We see this as a transformative moment for not just D-Wave, but also for quantum computing and the United States,” he noted.
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