These 10 Stocks Are On Fire Right Now

Ten companies boasted a strong performance on Wednesday, outpacing Wall Street’s main indices, thanks to a flurry of company-specific catalysts that sparked buying appetite.

The tech-heavy Nasdaq and the S&P 500 both finished in the green, but only by 0.32 percent and 0.01 percent, respectively. In contrast, the Dow Jones lagged by 0.22 percent.

Today’s best performers were dominated anew by stocks riding the Artificial Intelligence boom. In this article, we highlight the names of the 10 companies and detail the reasons behind their gains.

To come up with the list, we focused exclusively on stocks with a $2 billion market capitalization and 5 million in trading volume.

10. Core Scientific Inc. (NASDAQ:CORZ)

Core Scientific extended its winning streak to a third consecutive day on Wednesday, jumping 6.44 percent to end at $12.56 apiece as investors continued to load up portfolios while digesting the potential impact of a new lawsuit against the company.

According to a report by Cointelegraph, Malikie Innovations—a company that hoarded thousands of patents from Blackberry in 2023—sued Bitcoin miners Core Scientific Inc. (NASDAQ:CORZ) and MARA Holdings Inc. for using their Elliptic Curve Cryptography (ECC), which it claims to own.

According to Malikie, the two firms are using ECC-based cryptographic methods covered under the Malikie-held patents to support their Bitcoin mining operations.

What particularly buoyed sentiment was a lawyer’s optimistic comment that the lawsuit is unlikely to hit individual Bitcoin traders even if the patents are found to be valid.

Core Scientific Inc. (NASDAQ:CORZ) and MARA Holdings Inc. have yet to address allegations.

9. Reddit, Inc. (NYSE:RDDT)

Reddit grew its share prices by 6.68 percent on Wednesday to end at $118.21 apiece following news that it sued an Artificial Intelligence company for scraping its data without its permission.

In a copy of the lawsuit posted on its website, Reddit, Inc. (NYSE:RDDT) claimed that AI firm Anthropic was training its Claude chatbot on its data since December 2021.

According to Reddit, Inc. (NYSE:RDDT), filing a lawsuit was its final option to force Anthropic to stop its alleged unlawful practices.

“We will not tolerate profit-seeking entities like Anthropic commercially exploiting Reddit content for billions of dollars without any return for redditors or respect for their privacy,” the company said in a statement.

“A.I. companies should not be allowed to scrape information and content from people without clear limitations on how they can use that data.”

Anthropic has yet to issue a statement on the allegations.