Amprius (AMPX) Climbs 9.7% as EV Demand Spikes

Amprius Technologies Inc. (NYSE:AMPX) is one of the 10 Stocks With Unexpected Gains.

Amprius Technologies saw its share prices increase by 9.75 percent to close at $17.56 apiece, as investors took heart from the booming demand for electric vehicles, which sparked buying appetite for its stock.

According to reports, EVs are getting a boost from the ongoing tensions in the Middle East, as customers try to mitigate risks from the surging crude oil prices.

A report by online vehicles marketplace Autotrader last month said that it saw a 28 percent jump in inquiries for new EVs, while 15 percent have inquired about used ones, since the US-Israeli war on Iran started on February 28.

Amprius (AMPX) Climbs 9.7% as EV Demand Spikes

Optimism for EVs, on the other hand, spilled over to battery stocks, including Amprius Technologies Inc. (NYSE:AMPX), backed by earlier reports that it secured $21 million worth of orders for its SiCore cylindrical cells from a premier EV maker in China.

The batteries will be installed in its range of light electric vehicles, including scooters, three-wheelers, and motorcycles.

Citing a study by Ratel Consulting, Amprius Technologies Inc. (NYSE:AMPX) said that the battery market for light electric vehicles such as e-scooters, e-bikes, three-wheelers, and electric motorcycles, among others, is growing at a 15 percent compound annual growth rate and is projected to reach 26 GWh by 2030.

While we acknowledge the risk and potential of AMPX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AMPX and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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