Wall Street held firm on Wednesday, with all three major indices finishing green amid renewed investor optimism about AI, buoyed by a data center operator’s stellar earnings. The tech-heavy Nasdaq jumped by 1.6 percent, followed by the S&P 500, increasing 1.31 percent. The Dow Jones jumped by 0.49 percent.
Meanwhile, 10 stocks, led by AI-related firms, surged double digits during the session. In this article, we identify their names and detail the reasons behind their gains.
To come up with the list, we focused exclusively on the stocks with more than $1 billion in market capitalization and 5 million shares in trading volume.
The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels
10. Bloom Energy Corp. (NYSE:BE)
Bloom Energy saw its share price increase by 12.99 percent on Wednesday to close at $209.5 apiece, as investor sentiment was bolstered by one of its customers’ strong earnings performance in the third quarter of the year, helping allay fears about the sustainability of artificial intelligence buildout.
In its updated report, data center operator CoreWeave Inc. said that revenues for the third quarter of the year climbed by 168 percent to $3.66 billion from only $1.36 billion in the same period last year, on the back of customer wins across AI labs, hyperscalers, and enterprises, namely Canva, Mirendil, Parallel Web Systems, Serve Robotics, Substack, and Wayve, among others. As of the end of September, its revenue backlog stood at $132.5 billion.
Having been its partner since July 2024, CoreWeave’s latest results offer further proof that AI infrastructure spending remains strong, potentially translating into sustained demand for Bloom Energy Corp.’s (NYSE:BE) fuel cell systems as data center operators expand their computing capacity.
In the third quarter of the year, Bloom Energy Corp. said that it swung to a net income of $250.27 million in the third quarter of the year from a $23.09 million net loss in the third quarter of 2025. Revenues increased by 138 percent to $1.236 billion from only $519 million year-on-year.
Bloom and CoreWeave’s partnership dates back to July 2024, when they joined forces for the deployment of proprietary fuel cells to generate on-site power at a high-performance data center in Volo, Illinois.
9. Sandisk Corp. (NASDAQ:SNDK)
Sandisk saw its share price climb by 13.69 percent on Wednesday to end at $977.69 apiece, after an analyst reiterated its bullish rating and a price target with an over 150 percent upside potential.
In its market note, investment firm Evercore ISI reiterated its outperform rating and $2,500 price target for Sandisk Corp. (NASDAQ:SNDK), marking a 156 percent upside potential from its latest closing price, arguing that data center demand remained robust, with customers asking for more supply for AI systems to be deployed.
Additionally, it believed that investors were underestimating structural changes to the memory maker’s business, saying that they were “overly focused on how long NAND pricing can stay elevated rather than appreciating the structural changes to SNDK’s model.”
Management is said to be on a different strategy, in which suppliers manage output to match demand rather than simply maximizing production.
Price increases, it noted, have now lasted for six quarters, versus only two historically.
“[New business models] + supply discipline should support more durable profitability, while AI demand + [high bandwidth flash] provide incremental growth opportunities,” Evercore ISI said.
In other news, Sandisk Corp. late last month reported a strong earnings performance in the first quarter of fiscal year 2027, with net income soaring 7,133 percent to $8.1 billion from $112 million in the same period last year, thanks to strong demand for its NAND products.
Revenues soared by 378 percent to $11.03 billion from $2.3 billion year-on-year.
8. Nebius Group NV (NASDAQ:NBIS)
Nebius Group saw its share price increase by 15.44 percent on Wednesday to close at $154.69 apiece, amid renewed optimism for data center stocks, thanks to the strong performance of one of its peers, while investors positioned portfolios ahead of its own earnings results.
The Amsterdam-based AI infrastructure and cloud platform company is set to release its financial and operating highlights for the third quarter of the year before market open tomorrow, November 12. A conference call will be held for the discussion of results.
Analysts were expecting Nebius Group NV (NASDAQ:NBIS) to book $901 million in revenues for the said period, or a 517 percent jump from only $146.1 million in the same period in 2025.
Prior to its release, the listed firm’s counterpart, CoreWeave Inc. already provided cues about what to expect for the wider industry in the third quarter of the year.
According to CoreWeave, revenues for the third quarter of the year climbed by 168 percent to $3.66 billion from only $1.36 billion in the same period last year, on the back of customer wins across AI labs, hyperscalers, and enterprises, namely Canva, Mirendil, Parallel Web Systems, Serve Robotics, Substack, and Wayve, among others. As of the end of September, its revenue backlog stood at $132.5 billion.
7. Applied Optoelectronics Inc. (NASDAQ:AAOI)
Applied Optoelectronics bounced back by 15.6 percent on Wednesday to end at $55.86 apiece, amid renewed optimism for AI-related stocks, thanks to the strong performance of one of its peers.
In its updated report, data center operator CoreWeave Inc. said that revenues for the third quarter of the year climbed by 168 percent to $3.66 billion from only $1.36 billion in the same period last year, on the back of customer wins across AI labs, hyperscalers, and enterprises, namely Canva, Mirendil, Parallel Web Systems, Serve Robotics, Substack, and Wayve, among others. As of the end of September, its revenue backlog stood at $132.5 billion.
The latest results signaled AI infrastructure spending remained strong, even as markets turned increasingly cautious amid the sustainability of AI infrastructure buildout.
For its part, Applied Optoelectronics Inc. (NASDAQ:AAOI) earlier this month also reported strong earnings performance, booking a net income of $6.3 million, a reversal of the $17.9 million net loss in the same period last year.
Revenues surged by 127 percent to $269.9 million from $118.6 million year-on-year, driven by robust demand and manufacturing expansion in both its data center and CATV businesses.
Further supporting optimism were plans to double its manufacturing expansion of 800G and 1.6T transceivers by the end of 2027, although there was a pushback from its original target date due to longer-than-expected time to obtain necessary electrical power, among other construction-related issues.
“We remain focused on executing on our capacity expansion plans and believe we are well positioned to support the next phase of AI data center deployment,” Applied Optoelectronics Inc. Chief Finance and Strategy Officer Stefan Murry said.
6. RUM Group Inc. (NASDAQ:RUM)
RUM Group extended its winning streak for a fourth straight day on Wednesday, soaring 16.63 percent to close at $5.96 apiece, following a strong revenue performance in the third quarter of the year, which ended higher than expected.
In an updated report, the AI infrastructure and video company said that revenues during the period soared by 290 percent to $96.58 million from $24.76 million in the same period last year, thanks to the strong performance from Quake AI, which accounted for more than 70 percent of the total revenue.
The latest figure was higher than its previous guidance of $87 million to $93 million during the period.
Attributable net loss, however, widened by 391 percent to $79.9 million from $16.26 million year-on-year.
Further buoying sentiment was news on the same day that it would deploy more Nvidia GPUs to support its AI infrastructure business, Quake AI.
In a statement, RUM Group Inc. (NASDAQ:RUM) said that it is planning to deploy NVIDIA Minerva and Vera Rubin GPUs in a bid to help strengthen operational visibility behind Quake AI’s bare-metal compute offering, and support its operations teams in identifying emerging issues and the reliability of its performance.
“NVIDIA has powered our infrastructure for years, with more than 22,000 GPUs in operation today and NVIDIA Vera Rubin deployments planned for 2027,” RUM Group Inc. CEO Chris Pavlovski said.
”Our customers choose bare-metal access because they want control over their compute. Delivering on that promise takes more than GPUs; it takes visibility into how the infrastructure is performing. NVIDIA Minerva will help our teams identify issues earlier and support the reliability, uptime and performance our customers expect,” he noted.
5. Resideo Technologies Inc. (NYSE:REZI)
Resideo Technologies grew its share price by 18.15 percent on Wednesday to end at $22.98 apiece after raising the lower end of its full-year 2026 growth guidance, helped by strong revenues for the third quarter of the year.
In its earnings call on the same day, the listed home solutions provider said that it is now gunning for at least $2.927 billion in revenues for the full year, or an upgrade from at least $2.9 billion targeted previously. The higher end of its guidance, however, was lowered to $2.947 billion from $2.95 billion earlier.
The outlook was supported by its earnings performance in the third quarter, with revenues hitting $727 million, or 3.4 percent higher than the $703 million in the same quarter last year. The figure fell within the company’s previous guidance of $705 million to $730 million.
Revenues excluding OEM security hit $694 million, or 6 percent higher than the $653 million in the third quarter of 2025, and grew year-on-year across all of its sales channels and product categories due to huge volumes supported by strong product demand and pricing.
Net income attributable to shareholders, on the other hand, fell by 90 percent to $13 million from $131 million amid the impact of discontinued operations with the successful spinoff of ADI Global Distribution.
For the fourth quarter of the year, Resideo Technologies Inc. (NYSE:REZI) is targeting revenues of $710 million to $730 million, which would mark a 61 to 62 percent decline from the $1.895 billion in the same period last year, as a result of the spinoff.
Adjusted EBITDA is projected at $145 million to $155 million, while adjusted earnings per share are targeted at $0.42 to $0.48.
4. AXT Inc. (NASDAQ:AXTI)
AXT Inc. soared by 19.49 percent on Wednesday to end at $46.97 apiece, as investors gobbled up shares amid broader market optimism.
The wafer substrates manufacturer mirrored the rally on Wall Street’s three major indices, led by the tech-heavy Nasdaq, climbing 1.6 percent, followed by the S&P 500’s 1.31 percent gain and the Dow Jones’ 0.49 percent increase.
Further buoying optimism were results of strong earnings performance from data center giant CoreWeave Inc., whose revenues climbed by 168 percent to $3.66 billion from only $1.36 billion in the same period last year, on the back of customer wins across AI labs, hyperscalers, and enterprises, namely Canva, Mirendil, Parallel Web Systems, Serve Robotics, Substack, and Wayve, among others.
CoreWeave’s results signaled that investments in AI infrastructure buildout remained strong, sparking continued growth prospects for AXT Inc. (NASDAQ:AXTI) and the broader industry.
For its part, AXT Inc. also reported strong earnings in the third quarter of the year, having swung to a net income of $25.7 million from a $1.9 million net loss in the same period last year.
Revenues increased by 163 percent to $73.4 million from $27.95 million year-on-year, driven by exceptionally strong customer demand for indium phosphide.
3. Trump Media & Technology Group Corp. (NASDAQ:DJT)
Trump Media & Technology extended its winning streak to a third consecutive day on Wednesday, soaring by 21.26 percent to close at $5.19 apiece, as investor sentiment was bolstered by its swing to profitability in the third quarter of the year.
During the period, Trump Media & Technology Group Corp. ended with a $409.7 million net income, reversing a $54.8 million net loss in the same period last year, reflecting non-cash items, including net realized and unrealized gains on digital assets, digital assets pledged, and equity securities, partially offset by realized and unrealized loss on derivatives, accreted interest expense, stock-based compensation, and investment expenses resulting in $12.3 million of Adjusted EBITDA loss.
Revenues stood at $3 million, up 205 percent from $972,900 year-on-year, primarily driven by $1.8 million of subscription growth in the media segment from Truth API, its first data licensing product, which was launched on August 1, 2026, Truth+, and management fees in TruthFi ETF offerings.
“We’ve remained committed to capitalizing on our business fundamentals, and that focus is paying off,” Trump Media & Technology Group Corp. interim CEO Kevin McGurn said.
“Revenue grew 205% year-over-year on recurring subscription revenue, our cost structure is inherently leaner, and our balance sheet gives us real flexibility. With our S-4 effective and our special meeting set for December 14th, we are advancing an exciting new chapter for our shareholders. Our commitment to building independent, uncancellable media technology remains unwavering, while TAE’s groundbreaking innovations represent an extraordinary opportunity to advance American energy independence. Both reflect the power of American innovation and our commitment to creating long-term shareholder value,” he noted.
Trump Media & Technology Group Corp. is targeting to complete its proposed merger with TAE Technologies by the end of the year, subject to customary closing conditions, including approval of its shareholders.
2. Riskified Ltd. (NYSE:RSKD)
Riskified soared by 21.82 percent on Wednesday to finish at $10.33 apiece, after reporting an improved earnings performance in the third quarter of the year, with net losses nearly wiped out and revenues soaring by mid-double digits.
In an earnings call during the day, the listed fraud and risk intelligence firm said that it was able to slash its net loss by 83 percent to $1.3 million from $7.8 million in the same period last year.
Revenues increased by 41 percent to $115.2 million from $81.86 million year-on-year, driven by continued new merchant and upsell activity.
Billings in the digital finance category grew more than 300 percent year-on-year, thanks to new merchants onboarded in the second quarter, with upsell activity across its existing base.
In addition, the electronics, general, and home verticals collectively grew by 12 percent in the same comparable period.
Following the results, Riskified Ltd. (NYSE:RSKD) raised its revenue growth guidance for full-year 2026 to a range of $427 million to $433 million, versus its previous outlook of $400 million to $410 million.
“This reflects the flow-through of our third quarter revenue outperformance, as well as an incremental raise to our outlook based on the momentum we are seeing in the business,” it said.
Adjusted EBITDA is now anticipated at $39 million to $43 million, up from $33 million to $39 million previously.
1. CoreWeave Inc. (NASDAQ:CRWV)
CoreWeave saw its share price surge by 24.71 percent on Wednesday to finish at $60.77 apiece, as investor sentiment was bolstered by its stellar revenue performance in the third quarter of the year, which helped allay concerns about AI infrastructure buildout.
During the period, CoreWeave Inc. (NASDAQ:CRWV) raked in revenues of $3.661 billion, marking growth of 168 percent from the $1.365 billion in the same period last year, thanks to customer wins across AI labs, hyperscalers, and enterprises.
Revenue backlog also stood at $132.5 billion as of the end of September 2026.
Net loss, however, widened by 544 percent to $709 million from $110 million.
“This was a breakout quarter for CoreWeave, with revenue increasing by more than $1 billion sequentially and adjusted operating margins reaching double digits a quarter ahead of plan,” Chairman and CEO Michael Intrator said.
“Our growth is supported by multiple sources of funding, including financing backed by customer contracts, operating cash flow, and approximately $9 billion in customer prepayments and deposits expected in the next three months alone. That financial flexibility positions us to keep delivering the infrastructure and software customers need to build, run, and scale AI,” he added.
Following the results, CoreWeave Inc. raised its revenue growth guidance to a range of $13 billion to $13.3 billion, as well as its operating income guidance to between $1.275 billion and $1.375 billion.
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