Ten big names stood out during the trading session on Wednesday—eight of which propelled to new all-time highs—on the back of company-specific catalysts buoying investing appetite.
The 10 stocks outperformed a lackluster performance on Wall Street, with the three major indices finishing mixed. The Dow Jones was the sole gainer, up 0.57 percent. In contrast, the S&P 500 and the tech-heavy Nasdaq both dropped by 0.10 percent and 0.33 percent, respectively.
In this article, we focus on the performance of the top 10 performers on Wednesday and break down the reasons behind their gains.
To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and 5 million shares in trading volume.
Source: Federal Reserve
10. Hologic Inc. (NASDAQ:HOLX)
Shares of Hologic Inc. rallied by 7.69 percent on Wednesday to close at $68.20 as investors repositioned portfolios amid reports that it was again in talks with two investment companies for a potential sale.
According to a report by Bloomberg, Hologic Inc. (NASDAQ:HOLX) has received a new acquisition offer from Blackstone Inc. and TPG Inc. after earlier negotiations resulted in a failed takeover.
Bloomberg said the two firms are now undergoing due diligence, but noted that negotiations could still falter.
Earlier this year, Blackstone and TPG have offered to acquire Hologic Inc. (NASDAQ:HOLX) for $16.7 billion, a proposal which was rejected and would have been one of the largest leveraged buyouts this year.
In its updated report, Hologic Inc. (NASDAQ:HOLX) raised its revenue forecast for the full fiscal year of 2025 to between $4.08 billion to $4.09 billion, from $4.05 billion to $4.1 billion earlier.
For the fourth quarter alone, revenues are expected to hit $1.03 billion to $1.04 billion.
9. Roivant Sciences Ltd. (NASDAQ:ROIV)
Roivant Sciences jumped to a new all-time high on Wednesday, as investors cheered impressive results from the third phase of its clinical trial for its drug treatment for an autoimmune disease.
At intra-day session, Roivant Sciences Ltd. (NASDAQ:ROIV) soared to as high as $16.05 before trimming gains to end the day just up by 7.76 percent at $15.28.
This followed positive results from the phase 3 clinical trial of drug candidate Brepocitinib for the treatment of dermatomyositis (DM), where it saw significant and constant developments in as early as week 4.
The clinical trial was in partnership with Priovant Therapeutics.
Roivant Sciences Ltd. (NASDAQ:ROIV) said Brepocitinib 30 mg achieved a total improvement score (TIS) of 46.5 as compared with the 31.2 for the placebo.
Additionally, the drug candidate demonstrated clinically meaningful improvement over placebo across all nine key secondary endpoints.
It said adverse events of special interest (AESIs), which included malignancy, cardiovascular events, and thromboembolic events, did not occur with higher frequency of taking the brepocitinib 30 mg.
Dermatomyositis (DM) is a multi-organ idiopathic inflammatory condition that affects approximately 50,000 adults in the United States. It is characterized by debilitating muscle weakness and skin lesions.
8. Hut 8 Corp. (NASDAQ:HUT)
Shares of Hut 8 Corp. (NASDAQ:HUT) rallied to a fresh record high on Wednesday as investors took path from an investment firm’s price target upgrade and positive rating for its stock.
Earlier this week, the company earned a 93-percent price target upgrade from Roth Capital, at $60 versus the $31 previously. It also maintained a “buy” recommendation for its stock.
In Wednesday’s intra-day trading, Hut 8 Corp. (NASDAQ:HUT) soared to its highest price of $38.35 before paring gains to end the day just up by 7.88 percent at $37.79 apiece.
According to Roth, the upgrade was based on optimism for its high-performance computing (HPC) and AI infrastructure, as well as its affiliate, American Bitcoin’s progress towards hitting an operating hash rate of 25 EH/s.
Roth Capital said the new business structure was “one of the more well thought of” in the sector, enabling American Bitcoin to pursue its own crypto strategy while Hut 8 Corp. (NASDAQ:HUT) focuses on providing power and managed services.
Roth Capital believed that any announcement of a signed lease agreement for one of its campuses would bolster stock ratings in the future.
7. Bloom Energy Corp. (NYSE:BE)
Shares of Bloom Energy climbed to a new all-time high on Wednesday, as investors continued to load up positions after earning a sky-high price target upgrade from an investment firm.
During the session, Bloom Energy Corp. (NYSE:BE) rose to its highest price of $80.71 before trimming gains to end the day just up by 8.71 percent at $79.67.
Earlier this week, Morgan Stanley raised its price target for the company by 93 percent to $85 from $44 previously, while maintaining an “overweight” rating for the stock. The new price target marked a 5.3 percent upside potential from its latest closing price.
According to Morgan Stanley, the upgrade was based on Bloom Energy Corp.’s (NYSE:BE) supply agreement with Oracle Corp., under which it will deliver fuel cell technology to select Oracle Cloud Infrastructure (OCI) data centers in the US to support the growing demand for its cloud computing services.
Details about expected revenues and supply volume have not been disclosed.
Additionally, Bloom Energy Corp. (NYSE:BE) hinted at similar deals “coming soon.”
6. Rigetti Computing, Inc. (NASDAQ:RGTI)
Shares of Rigetti Computing soared to a new 52-week high on Wednesday as optimism for quantum computing stocks spilled over to the company.
During the session, Rigetti Computing, Inc. (NASDAQ:RGTI) hit its highest price of $22.13 before trimming gains to end the day just up by 9.95 percent at $21.99 apiece.
This followed optimism for the quantum computing sector after the Department of Energy (DOE) partnered with Rigetti Computing, Inc.’s (NASDAQ:RGTI) counterpart, IonQ Inc., to advance the development and deployment of quantum technologies in space.
Under the agreement, IonQ will provide the design and execution of an orbital demonstration of quantum-secure communications using its satellite platform.
IonQ’s partnership with the government agency solidified prospects for an industry that was once touted to only be beneficial 15 to 30 years away.
For its part, Rigetti Computing, Inc. (NASDAQ:RGTI) recently sealed a new deal with India’s Centre for Development of Advanced Computing (C-DAC) for the co-development of hybrid quantum computing systems to support government laboratories and academics pursuing quantum computing research and development.
Under an MOU, Rigetti and C-DAC will work together on the design and development of hybrid quantum computing systems and related technologies and bring them to market.
5. Baidu Inc. (NASDAQ:BIDU)
Shares of Baidu Inc. (NASDAQ:BIDU) soared to a fresh 52-week high on Wednesday, as investors took heart from two investment firms’ price target and rating upgrades for the company.
During the session, the stock climbed to its highest price of $124.79 before trimming gains to end the day just up by 7.81 percent at $123.79 apiece.
In a market report, equity research firm Arete Research Services gave a “buy” recommendation for Baidu Inc.’s (NASDAQ:BIDU) American depositary receipts, a significant upgrade from the “sell” previously, amid optimism for the company’s AI chip and cloud computing revenue.
For its part, investment firm Jefferies also raised its price target for the stock to $157 from $108 previously, while maintaining a “buy” recommendation. The revision reflected continued optimism for the company, as it continues to ride the booming AI sector with newly signed deals.
Earlier this week, Baidu Inc. (NASDAQ:BIDU) secured an AI-focused partnership with China Merchants Group to collaborate on large language models, AI agents, and digital employee technologies for industrial use cases.
The company also announced plans to raise $56.2 million through the issuance of bonds due 2029 to support its AI initiatives.
4. Lyft, Inc. (NASDAQ:LYFT)
Lyft Inc. saw its share prices propel to a new all-time high as investors cheered its partnership with Waymo to bring autonomous driving service in Nashville, Tennessee.
In intra-day trading, Lyft, Inc. (NASDAQ:LYFT) climbed to its highest price of $23.50 before trimming gains to end the day just up by 13.13 percent at $22.84 apiece.
Under the agreement, Lyft, Inc. (NASDAQ:LYFT) said it will handle end-to-end management such as vehicle maintenance, infrastructure, and depot operations for the Nashville fleet, through its subsidiary Flexdrive.
Riders will have the opportunity to book Waymo’s fully autonomous driving vehicles on the Waymo app, thereafter it will be available on the Lyft app beginning 2026.
As part of the agreement, Lyft, Inc. (NASDAQ:LYFT) will construct a purpose-built AV fleet management facility with charging and vehicle service capabilities.
“This partnership brings together best-in-class autonomous vehicles with best-in-class customer experience,” said Lyft CEO David Risher.
“Waymo has proven that its autonomous technology works at scale. When combined with Lyft’s customer-obsession and world-class fleet management capabilities, it’s two great tastes that go great together,” he added.
3. Opendoor Technologies Inc. (NASDAQ:OPEN)
Opendoor bounced back on Wednesday to hit a new all-time high as investors cheered twin developments that sparked buying appetite—an interest rate cut and plans to expand operations across the entire US.
During the session, Opendoor Technologies Inc. (NASDAQ:OPEN) soared to its highest 52-week price of $10.87 before trimming gains to end the day just up by 14.46 percent at $10.21 apiece.
The rally came after the Federal Reserve officially pulled the trigger for a 25-basis point rate cut and signals of more reductions in the future.
The announcement spelled good news for the company and the broader residential market known to be highly sensitive to interest rates. Lower interest rates could unlock greater lending potential by encouraging more borrowings from homebuyers.
Meanwhile, Opendoor Technologies Inc. (NASDAQ:OPEN), under the new management, announced plans to offer its services “through the entire continental United States in the coming weeks.”
The expansion planned followed the return of its co-founders Keith Rabois and Eric Wu, and the installation of its new CEO, Kaz Nejatian, following the resignation of its former chief, Carrie Wheeler.
2. D-Wave Quantum Inc. (NYSE:QBTS)
D-Wave Quantum surged to a fresh record high on Wednesday, as investor sentiment was bolstered by an overall optimism for the quantum computing sector.
In intra-day trading, D-Wave Quantum Inc. (NYSE:QBTS) jumped to its highest price of $22.85 before paring gains to end the day just up by 18.76 percent at $22.54 apiece.
This followed optimism for the quantum computing sector after the Department of Energy (DOE) partnered with D-Wave Quantum Inc.’s (NYSE:QBTS) counterpart, IonQ Inc., to advance the development and deployment of quantum technologies in space.
Under the agreement, IonQ will provide the design and execution of an orbital demonstration of quantum-secure communications using its satellite platform.
IonQ’s partnership with the government agency solidified prospects for an industry that was once touted to only be beneficial 15 to 30 years away.
Meanwhile, D-Wave Quantum Inc. (NYSE:QBTS) is set to participate in three global technology events this month, including SEMICON Taiwan, Quantum World Congress, and FintechNation 25, in a bid to showcase the real-world impact of its annealing quantum computing and hybrid quantum technologies.
1. Plug Power Inc. (NASDAQ:PLUG)
Plug Power extended its winning streak to a sixth consecutive day on Wednesday, jumping 19.05 percent to close at $2 apiece, as investor sentiment was bolstered by the Federal Reserve’s interest rate cut for the first time in nine months.
On Wednesday, the US central bank officially pulled the trigger for a 25-basis point rate cut, spelling good news for the pre-revenue company which heavily relies on debt, among other fundraising programs, to finance its expansion plans.
Among its recent partnerships include an expanded hydrogen supply agreement with a leading US-based industrial gas company for the supply of liquid hydrogen to Plug Power Inc. (NASDAQ:PLUG).
The company said earlier it was rapidly expanding its generation network to ensure a reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee and Louisiana. Together, the facilities represent 40 tons per day of liquid hydrogen production capacity, with additional plants under development to further increase footprint and support national infrastructure needs.
Plug Power Inc. (NASDAQ:PLUG) said it would launch more than 40 new sites in 2025 to support continued growth in the industry in 2026 onward.
While we acknowledge the potential of PLUG 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 PLUG and that has 100x upside potential, check out our report about the cheapest AI stock.
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